The USV Annals Volume 13,

of Economics and Issue 1(17),

Public Administration 2013

THE ROLE OF SMALL AND MEDIUM ENTERPRISES IN THE

MODERN ECONOMY AND THE IMPORTANCE OF IFRS
APPLICATION FOR SMES

Assistant Ph.D. Student Marius Sorin CIUBOTARIU

"Ştefan cel Mare" University of Suceava, Romania, Faculty of Economics and Public Administration
[email protected]

Abstract:
The main objective of this paper is to analyze the importance of the small and medium enterprises in the
economy and the need for their financial reporting in accordance with IFRS for SMEs. The first part of the study
focuses on the role and impact of SMEs in the European Union and in Romania. Also here are presented and discussed
the specific characteristics of SMEs. In the second part the paper continues with addressing issues on the financial
reporting of SMEs by synthesizing features of specialized literature. The paper ends with the presentation of the
implementation of IFRS for SMEs and the main differences compared to the complete IFRS.

Key words: IFRS for SMEs, financial reporting, financial statements users, characteristics of SMEs

JEL classification: M20, M40, M41

INTRODUCTION

Micro, small and medium-sized enterprises (SMEs) represent an overwhelming proportion

of the entrepreneurial structure of the EU, contributing in large measure to the economic growth,
job creation and innovation (essential for the competitiveness of European companies). In the
European Union about 20,70 millions of small and medium-sized enterprises (SMEs) ensure around
2/3 of the jobs in the private sector and represent 99,80% of the total enterprises („EU SMEs in
2012: at the crossroads Annual report on small and medium-sized enterprises in the EU, 2011/12”).
Small and medium enterprises contribute to raising the living standards of society by
stimulating the economic activity, the diversity of products offered to consumers and creating new
jobs. The development of the economic activity as well as the job creation train, in their turn, other
areas of activity such as: health care, educational or social services.
After Graham Bannock (2005) small and medium enterprises have always played a very
important role in economic and social life of any country, being the basis of the development of the
economy. Dynamism, flexibility, adaptability, mobility and their innovative potential are considered
to be essential for the harmonious development of the economy of any state, and may ensure the
cohesion of the economic structure, good economic growth and, of course, creation of new jobs.
The concept of the SME seems at first glance to be a clear notion. However, after following
a review of the literature, it reveals that researchers do not agree on a single definition of SMEs.
Many writings, such as those of Julien (1994) and Torres (1997) point out the difficulty of giving a
unique definition of the notion of SME. Habersaat M. and others (2000) indicate that opinions differ
regarding the definition of a SME, and thus there may not be a universal definition. One of the
reasons for using different definitions is that the most obvious and undeniable feature of SMEs is
the diversity. Thereby, under the aegis of this name, there are grouped the companies with highly
varied sizes and structures (Wtterwulghe R., 1998).
Diversity is reflected also in the market occupied by SMEs, making a distinction between
SMEs activating in the field of artisanal and those working in high-tech sectors. The legal status of
SMEs is also very diverse. SMEs can be incorporated as limited liability partnerships, stock
companies and limited liability companies.
The problem of the large number of definitions is complicated further more by the fact that
banks in the same country use different definitions of SMEs for their own strategic purposes and
risk management (Beck, T., A. Demirgüç-Kunt, and M. S. Martinez Peria, 2008).

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In a single market such as the European Union, where there are no internal borders, it is
clear that measures to encourage SMEs should be based on a common definition, in order to
increase their efficiency, for comparability of data released and in order to limit distortions. This is
absolutely necessary due to the alignment of national measures with those required by the European
Union to support SMEs in areas such as regional development and finding funds.
The current definition is contained in the Recommendation No. 2003/361/EC which was
adopted by the European Commission on 6 May 2003. In accordance with that recommendation, the
classification of SMEs is based on staff levels, turnover or total balance sheet.
The recommendation No. 2003/361/EC defines SMEs as follows: "The category of micro,
small and medium-sized enterprises (SMEs) is formed of enterprises which employ fewer than 250
persons and which have an annual net turnover of up to 50 million euro and/or hold total assets of
up to 43 million Euros" (Excerpt from Article 2 of the annex to Recommendation 2003/361/EC,
The official Journal of the European Union).
The definition contained in Recommendation No. 2003/361/EC is transposed into national
law by the Government Ordinance 27/2006 (published in the Official Gazette No. 88/31.01.2006)
and approved by law No. 175/2006 (published in the Official Gazette No. 438/22.05.2006).

SMES IN THE EU ECONOMY

Small and medium enterprises (SMEs) are an important factor in the economy of the
European Union. They have a number of advantages consisting in the adaptability and flexibility of
the workforce, the European Union financing, close ties with the local authorities.
Also small and medium sized enterprises (SMEs) play a decisive role in the competitiveness
and growth of the European economy. They are a source of innovation, entrepreneurial skills and
job creation. Experts argue that the importance of SMEs in the modern economy "resides in the
consequences of their actions on the most important aspects of life of individuals from a particular
territory and concerns the level of economic development" (http://www.ec.europa.eu/small-
business/policy statistics/policy/index_ro.htm).
The importance of SMEs lies in the key role they have in the growth of the states (Feeney
and Riding, 1997), the large number of people who rely directly or indirectly on them (Fida, 2008),
the contribution they have in achieving certain socio-economic objectives, including poverty
reduction (Cook and Nixson, 2000).
Peter Drucker asserted in respect of SMEs that "small businesses represent the main catalyst
of economic growth". Entrepreneurship, flexibility and responsiveness to change are attributes of
SMEs and are real driving forces of economic development. We can also say that SMEs contribute
largely to the increasing standard of living and prosperity.
In the European Union the small and medium enterprises (SMEs) form the backbone of the
economy, accounting 99.8% of the non-financial enterprises in the year of 2012, which represents
about 20.7 millions businesses. The overwhelming majority is represented by the micro-enterprises
(92,2%), namely those with less than ten employees. Small enterprises (10 to 49 employees)
represent 6.5% of SMEs in the European Union and 1.1% are medium-sized enterprises (50-249
employees). The large firms with over 250 employees represent only 0,2% of enterprises in the non-
financial sector of the European Union. In terms of employment in SMEs the estimated value is
about 67,4% of the employment in the non-financial business economy in 2012, nearly identical to
2011 (67,4%), but higher than in 2010 (66.9%), although SMEs have a slightly lower share in the
gross added value of the EU in 2011 and 2012 (covered 58.1%) („EU SMEs in 2012: at the
crossroads - Annual report on small and medium-sized enterprises in the EU, 2011/12”). In the
table below there are synthesized the estimates for 2012 on the number of enterprises, employment
and gross added value in EU-27, by size classes.

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Table no 1. Number of enterprises, employment and gross added value in EU-27, by size
classes, 2012 (estimates)
Indicator Number of Employment Gross added value
Type of enterprises
enterprise Number % Number % Euro (mil.) %
Micro enterprise 19.143.521 92,2 38.395.819 29,6 1.307.360,7 21,2
Small enterprise 1.357.533 6,5 26.771.287 20,6 1.143.935,7 18,5
Medium enterprise 226.573 1,1 22.310.205 17,2 1.136.243,5 18,4
Total SMEs 20.727.627 99,8 87.477.311 67,4 3.587.540 58,1
Large enterprise 43.654 0,2 42.318.854 32,6 2.591.731,5 41,9
Total enterprises 20.771.281 100 129.796.165 100 6.179.271,4 100

Source: Adapted from Eurostat/ National Statistics Offices of Member States/Cambridge Econometrics/Ecorys

According to the annual report "EU SMEs in 2012: at the crossroads - The annual report on
small and medium-sized enterprises in the EU, the 2011/12" in SMEs from the EU there are
employed on average 4.22 people in 2012, slightly decreasing compared with 4.23 in 2011, a
decline that continues since 2005 when there were employed on average 4.34 people. In the large
enterprises, the average number of persons employed increased slightly from 968 in 2010 to 973 in
2011. Such small changes in the average size of firms can have large effects on employment, given
the large number of SMEs and their importance for the EU economy.
 The White Paper on SMEs in Romania (2011) presents a number of key contributions of
SMEs to the economic and social development, as follows:
 Generate the largest share of GDP in any country, usually between 55% and 95%;
 Provide jobs for the majority of the population occupied;
 Generate a high degree of technical innovation in the economy;
 SMEs are the only ones that in recent years have generated new jobs in the EU and in
Romania;
 Produce services and products at lower costs than large companies, the main factors that
determine this difference are the lower consistent charges;
 High flexibility and adaptability regarding the requirements and market changes, favored
by their small size and quick decision-making process;
 SMEs constitute one of the main sources of income for the state budget (tax, taxes,
social contributions, etc.);
 Present the highest degree of dynamism in the conditions of market economy, which is
visible through the evolution of turnover and the size of the workforce employed, far
greater than in the case of large enterprises;
 Can offer professional and social achievement for a large part of the population, being
the most active and innovative sector, which is the engine of the economy;
 Entrepreneur is directly involved in daily activities.
SME development offers numerous possibilities for the creation of jobs, thereby lowering
the unemployment rate and reducing the demographic problems caused by population growth. Also,
the development of the SMEs sector can help boosting competitiveness and productivity, increasing
the global income and the one per inhabitant. Thus, this development will also boost the structural
transformation, given that through innovation and technological update it can be reached a healthy
sector SMEs ("Report on the role of small and medium enterprises in the Mediterranean region",
2011).
SMEs can help regional and local development and social cohesion by virtue on the basis
that contribute to reducing inequalities, since increasing revenue for large category of the
population should lead to a higher demand for good governance. All these positive developments
should contribute to the creation of new opportunities, at both the economic and the political level,
leading to the conversion of dissuasive demographic projections, possible aggravating prerequisite

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of poverty and instability, into a vector of change for the better ("Note on the role of small and
medium enterprises in the Mediterranean basin").
Economic specialists believe that the global economy of the 21st century will be dominated
by the small business sector. We believe that without the development of SMEs sector the economic
development of each state, as well as the globally, will be regarded as insufficient. Through the
development of SMEs there can be stopped many problems related to economic development, high
levels of unemployment, inequalities, the need for structural change and demographic
developments.
As an acknowledgement of the importance of SMEs in the global economy, within the
framework of the 26th ICSB Congress, which took place in Toronto in 2009, it has been reached the
conclusion that "the 21st century will belong to independent small and medium sized companies,
integrated into the network, completely different from the 20th century which belonged to big
corporations, focused on cost reduction".

SMES IN THE ECONOMY OF ROMANIA – KEY INDICATORS

According to The 2012 SBA Fact-sheet – Romania, the SME sector in Romania is
characterised by a greater importance given to small and medium enterprises at the expense of
micro-enterprises. Medium-sized enterprises group shows, in particular, contributions above the
average of employment (21.1%, compared to 17.2% in the EU) and the added value (20,6%,
compared to 18.3% in the EU). In general, SME sector contributes, on average, less to the amount
of added value and equally in employment compared with its European counterparts, which
suggests that labour productivity in SMEs from Romania is lower. This may be due in part to the
industrial structure of the Romanian economy. In terms of sectoral distribution, there dominates the
commercial sector, representing 42% of the total number of SMEs, compared with a rate of only
30% in the EU. The rest of the SMEs are divided between services (34%), manufacturing (10%)
and construction (13%).
It is also also mentioned in the 2012 SBA Factsheet - Romania that the SME sector in
Romania is still struggling with the impact of the crisis. When considering trends over time, the
figures show that the number of enterprises has stabilised during the period between 2010-2011.
The same thing can be said about employment and added value, noting that the current level is far
lower than the peak levels of 2008. The sectors considered essential to restoring of the
competitiveness of the European enterprises are represented by the high-tech production and sectors
based on intensive use of knowledge. These enterprises are relatively less numerous in Romania,
representing 23% of the total number of SMEs, compared with 26% in the EU. In terms of added
value, they also carried out a more modest performance, representing 25% of the entire sector's
economic contribution of SMEs from Romania.
In the table below there are compared the SMEs in Romania to the EU-27 based on the
number of enterprises, employment and the gross added value.

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Table no 2. The number of enterprises, employment and added value in Romania and in EU-
27, by size classes, 2012 (estimates)
Number of enterprises Employment Gross added value
Indicator UE UE UE
Romania Romania Romania
27 27 27
Type of Euro
enterprise Number % % Number % % % %
(mil.)
Micro enterprise 475.536 89,6 92,2 993.079 24,9 29,6 7 14,4 21,2
Small enterprise 45.131 8,5 6,5 840.848 21,1 20,6 8 17,8 18,5
Medium enterprise 8.348 1,6 1,1 843.021 21,2 17,2 9 20,5 18,4
Total SMEs 529.015 99,7 99,8 2.676.948 67,2 67,4 24 52,7 58,1
Large enterprise 1.527 0,3 0,2 1.304.963 32,8 32,6 22 47,3 41,9
Total enterprises 530.542 100 100 3.981.911 100 100 46 100 100
Source: Adapted from „2012 SBA Fact-sheet – Romania”

The evolution and trends of SMEs from Romania are plotted below and describe the
evolution of the variables over time (the number of SMEs, employment in SMEs and added value
of SMEs) for the period 2005-2012. From 2010, the graphs show the evolution in time, estimated
based on figures from 2005-2008, which came from the database of the structural business statistics
of Eurostat (Structural Business Statistics Database).

Figure no 1. Graphic representation of the evolution of the number of SMEs, of employment

in SMEs and of the added value of SMEs in Romania compared to the EU
Source: Adapted from „2012 SBA Fact-sheet – Romania”

After Nicolescu O., and Nicolescu, C. (2008) the importance of SMEs in Romania is based
on the following facts:

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 They constitute the bid for most of the products and services needed by the population of
a country;
 These are the main generating added value in any country, represent the most dynamic
and profitable sector in Romania;
 Provide jobs for the majority of the population, are the only sector capable of creating
jobs and of absorption of labor obtained from the state sector;
 Their performance affects the status and performance of the economy of all countries
and the living standards of the population.
H. Jenkins, (2004) indicates that SMEs play several roles in society: as an innovator, as a
mechanism of privatization of state enterprises, in response to global competition or as regenerator
for economic regulations.

THE CHARACTERISTICS OF SMES

As stated above, that diversity is a feature of SMEs, we get the question: Are there common
characteristics of SMEs and if so what are they?
In the specialized literature authors as Marchesnay (2003), Torres (1999), Wtterwulghe
(1998), Julien (1994), have identified common and specific characteristics of SMEs. The most
common features are shown in the figure below.

The characteristiscs of SMEs

A rapid system for internal communication, with External communication system highly responsive
personal contact between management and to the market, based on direct contact between
employees management and customers

Personalized and centralized management, usually

the owner is the manager A hierarchical structure with fewer levels

Reduced specialization of staff, employees often

Less formal strategy, usually intuitive having multiple tasks

Small dimensions in terms of employment

Lack of a strong position to negotiate

Difficulties in obtaining capital A close relationship with the local community

Figure no 2. Features of SMEs

Source: adapted from Marchesnay M., 2003 O. Torres, 1999; Wtterwulghe R., 1998 P.-A. Julien, 1994; Marchesnay M.,
1993

Among other specific characteristics of SMEs there is identified the vulnerability to losing
customers. Furthermore, SMEs are usually reluctant to adopt regulations and are less sensitive to
institutional pressures as large companies are (H. Jenkins, 2004).

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Within SMEs there is identified a strong dependency to resource, especially towards capital
(Marchesnay, 2003). Also worth mentioning is that the environment plays an important role, SMEs
having to adapt to different conditions (Marchesnay M., 1993).
Therefore SMEs emphasize the character of market atomicity due to their reduced size and
the large number, diminishing the companies' power of influencing them. Thus, the ability of SMEs
to stimulate competition reduces the monopoly exercised by larger companies. Thereby, SMEs,
through complete information concerning local markets and through their ability to respond to local
needs, act more effectively than the large companies.
In addition to the characteristics of SMEs presented, in the specialised literature there are
more features included (varying from country to country), but these are not being detailed because
they do not make the subject of this paper.

THE BENEFITS AND IMPORTANCE OF THE IFRS APPLICATION BY SMES IN

ROMANIA

Currently, in Romania, there is no system of financial reporting simplified for SMEs, all the
entities, irrespective of size, applying the rules stipulated in OMFP 3055\/2009.
A series of studies conducted by CECCAR showed that this single accounting regulation is
perceived as insufficient by some of the major enterprises and far too complex by the SMEs.
We believe that the requirements and constraints of financial reporting carried out by SMEs
should be different from those for applied to the large companies. Information requirements should
be assessed in terms of the cost-benefit.
So in order to help SMEs, IASB issued in July 2009 IFRS for SMEs, a simplified version of
IFRS, for which complete IFRS application would have been too complex.
The reasons for which the IASB has proposed a standard for SMEs have been generated by
the need for comparing the financial information and the need for high quality information.
According to the IASB, IFRS objectives for SME's are: to provide standards for quality,
easy to understand for all SMEs, which focus on the needs of SMEs, and do not depart from the
IASB accounting framework; reducing the financial reporting requirements for SMEs that want to
apply IFRS and to facilitate the transition to full IFRS, for SMEs listed on the stock exchange or
witch choose to use these instructions.
Application of the standards remains different for SMEs compared to large companies, in
terms of: how the accounts are used, the users of the financial statements, the cost of
implementation, training of accounting personnel, etc. Through the adoption by SMEs of the
International Financial Reporting Standards (IFRS) is expected to achieve growth of the quality of
financial reporting of companies in order to have the effect on reducing information asymmetry.
In order to reduce the burden of reporting, IFRS for SMEs contain five types of
simplifications compared to complete IFRS:
 Some aspects of IFRS are omitted because they are not relevant for SMEs;
 If IFRS sites presents policy options in accounting, this standard is only an option or a
simplified method;
 Simplification of the recognition and evaluation principles, which are presented in the
complete IFRS;
 Presentations of information are substantially reduced;
 Simplified development of standard.
IFRS for SMEs does not address: interim financial reporting; assets held for sale; earnings
per share and segment reporting, aspects that are covered by the full set of IFRSs.
In the specialised literature, at international level, it was observed reluctance towards the
adoption of IFRS for SMEs. Coppens et al. (2007), analyzing data from Belgium, have shown that
the adoption of the IFRS for SMEs will result in the need for separate financial reporting for tax
authorities by those firms applying IFRS for SMEs. Eierle and Haller (2009) found that the majority
of SMEs in Germany believe that it is not necessary to provide comparable financial information at

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international level. In addition, both surveys Coppens et al. (2007) and Haller (2003) revealed that,
after the adoption of the IFRS for SMEs, the efforts for collecting and processing of data in the
company will probably increase owing to the complexity of the standard.
Apart from these shortcomings, the implementation of the IFRS standards for SMEs has a
number of advantages:
 the presence of a complete set of accounting principles, simplified for each type of
entity;
 increases the satisfaction of the financial statements users by meeting their needs;
 improves the comparability of information presented in the financial statements;
 reduces costs associated with maintaining accounting standards;
 increases confidence in small and medium-sized enterprises worldwide;
 provides a platform for enterprises which are preparing to enter in the capital markets.
We can affirm that the IFRS for SMEs respond to the request of the international economies,
well developed and emerging for a set of common accounting standards for small and medium-
sized enterprises, which is much simpler than complete IFRS.

CONCLUSIONS

We believe that a modern economy requires the presence of SMEs for a balanced
functioning, as they are adapting more quickly to changes in economic and social conditions,
activating almost in all sectors of the economy. SMEs operate mainly at national level rather than at
transnational level, but are affected by: European regulations regarding the financial reporting and
accounting, European legislation on fees and taxes, companies law, competition, the laws
concerning customs formalities or the social and regional policies.
International Financial Reporting Standards for SMEs represent one of the stages of the
accounting harmonization in the international accounting system. The advent of the IFRS for SMEs
started from the complete IFRS, taking into account the needs and capabilities of small and
medium-sized enterprises, which are estimated to represent over 99% of companies worldwide.
At the national level the enterprises are not yet interested in adopting the International
Financial Reporting Standards for SMEs, although these standards represent a simplified variant,
being the result of a 5-year process during which there have been consulted numerous enterprises
around the world. Before becoming a mandatory requirement, few small and medium sized
enterprises are planning to use this simplified version of IFRS. According to a survey of Nexia
International (global network of independent audit firms, accounting and consultancy, with offices
in over 100 countries), 73% of members of Nexia International support the adoption of a common
set of accounting standards for SMEs, but 38% believe that entities in their country will not adopt
the IFRS until these standards will become mandatory. The interviewed members of Nexia
International stressed the benefits of the new project by providing a simplified procedure by
reducing the financial reporting requirements. The standards will allow investors, creditors and
other users to compare the financial performances of SMEs. Thus, companies without public
liability (unlisted) may apply to these simplified standards.
We may conclude that the SMEs sector is the most important in the Romanian economy,
being the only sector that can bring economic recovery. The importance of the SMEs sector is
supported by theoretical, empirical arguments, and evidence.

ACKNOWLEDGMENT

This paper has been financially supported within the project entitled „Doctorate: an
Attractive Research Career”, contract number POSDRU/107/1.5/S/77946, co-financed by
European Social Fund through Sectoral Operational Programme for Human Resources
Development 2007-2013. Investing in people!

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