TAILIEUCHUNG - DIRECTORS’ VIEWS ON ACCOUNTING AND AUDITING REQUIREMENTS FOR SMES

We compare the predicted values with actual correlations for the sample firms and investigate the cross-sectional relation between them to assess the extent to which the simple model described in the previous section fits the data. First, we report the average values of the predicted serial-and cross-correlations among earnings changes, operating cash flow changes and accrual changes. Comparison of average values of predicted and actual correlations assumes homogeneity of the correlations across all firms, However, we also report the average, median, and selected fractiles of the distribution of serial-and cross-correlations that are estimated using firm-specific time series of actual data. | Q J Department for Business P . Enterprise Regulatory Reform DIRECTORS VIEWS ON ACCOUNTING ANDAUDITING REQUIREMENTS FOR SMES Dr Jill Collis April 2008 minor updates at November 2008 In association with Kingston University London Directors Views on Accounting and Auditing Requirements for SMEs Acknowledgements I am greatly indebted to all those who participated in this study. Some gave up their valuable time to be interviewed as part of the testing of the questionnaire and others kindly completed and returned the questionnaire. Without your help this updating of our knowledge of the financial reporting needs and practices of SMEs in a changing regulatory environment would not be possible. Thank you very much for contributing to this survey. 1 Directors Views on Accounting and Auditing Requirements for SMEs Contents Page List of tables 4 Executive summary 6 1. Background to the study 13 Introduction 13 Purpose 13 Structure of the report 14 2. Accounting and auditing requirements for SMEs 15 Introduction 15 Statutory accounts 16 Financial Reporting Standard for Smaller Entities 17 International Financial Reporting Standard for SMEs 17 Statutory audit 18 Proposed EU simplifications 19 3. Methodology 21 Introduction 21 Sample selection 21 Data collection 22 Data analysis 23 Generalisability 23 Comparison with the 2003 study 24 4. The sample companies 26 Introduction 26 Ownership size and age 26 Key financial indicators 29 External sources of finance 30 Services from external accountant s 31

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