Accounting issues for small firms and family businesses
Answer following questions, some of them can be answered from the materials( will be uploaded), if you cant find some questions’ answers from the materials, please use internet to find.
Please answer them one by one. Like Q1.a)xxxx…

Question 1 – Financial reporting requirements of small firms and family businesses
a. What is the difference between GPFRs and SPFRs?
b. Are small firms and family businesses REQUIRED to produce GPFRs or SPFRs?
c. Regardless of what they are required to produce, what type of financial information
SHOULD they produce and why?
d. Why do you think that owner-managers tend to implement and utilise an accounting
system based on what they are required to report (e.g. for regulatory purposes) as
opposed to what management needs?

Question 2
One of the challenges faced by multigenerational family companies is that despite satisfying
the conditions to be classified as a small proprietary company, unless they have significantly
pruned the family ownership tree, many will be caught out by the 50 shareholders rule.
What is the 50 shareholder rule and what are the implications / consequences for family
firms?

Question 3 – Accounting standards for SMEs
What was the motivation behind the introduction of IFRS for SMEs by the IASB. Are SMEs in
Australia required to adopt IFRS for SMEs? What has been the AASB’s response to this
initiative by the IASB?

Question 4 – Alternative approaches to recording accounting information
Using the table attached to this topic outline, compare and contrasts the cost, time taken to
operate, expertise required to operate and the quality of output of accounting recording
systems commonly used by small businesses.
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