Abstract
Anglo-Saxon accounting literature has traditionally connected the sharp and unexpected decline in the U.S. stock market in the 70’s and the following proliferation of accounting standards with the origin of a complex problem for small business entities, defined accounting standards overload. The interest for this phenomenon has quickly spread from the U.S. to the other Anglo-Saxon countries with a series of official pronouncements and not a few theoretical and/or empirical researches, trying to get a possible solution to this specific problem. As a result, this paper analyzes the main literature (par. 2) and the development (par. 3) of the general phenomenon of accounting standard overload and describes the solution adopted in the main Anglo-Saxon countries (par. 4); finally the author shares his personal observations (par. 5).References
A.A.S.B. – Australian Accounting Standards Board, SAC 1, Definition of Reporting Entity,1990
A.A.S.B. – Australian Accounting Standards Board, Framework for the Preparation and Presentation of Financial Statements, December 2007
A.I.C.P.A. – American Institute of Certified Public Accountants, A Discussion Paper – The Application of Generally Accepted Accounting Principles to Smaller and/or Closely Held Businesses,
New York, March 31, 1975
A.I.C.P.A. – American Institute of Certified Public Accountants, Report of Committee on Generally Accepted Accounting Principles for Smaller and/or Closely Held Business, New York,
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A.I.C.P.A. – American Institute of Certified Public Accountants, Report of the Special Committee on Small and Medium-Sized Firms, New York, 1980
A.I.C.P.A. – American Institute of Certified Public Accountants, Tentative Conclusions and Recommendations of the Special Committee on Standards Overload, New York, December 23,
1981
A.I.C.P.A. – American Institute of Certified Public Accountants, Reporting of the Special Committee on Standards Overload, New York, February 1983
A.I.C.P.A. – American Institute of Certified Public Accountants, Standards Overload: Problems and Solutions, New York, June 1995
A.I.C.P.A. – American Institute of Certified Public Accountants, Report of the Private Companies Practice Section Special Task Force on Standards Overload, New York, August 1, 1996
A.I.C.P.A. – American Institute of Certified Public Accountants, Private Company Financial Reporting Task Force Report, New York, February 28, 2005
Abdel-khalik A.R., Financial Reporting by Private Companies: Analysis and Diagnosis, FASB, 1983
Alexander D., Archer S., On the myth of “Anglo-Saxon” financial accounting, The International Journal of Accounting, Vol.35, No.4, 2000
Atiase R.K., Bamber L.S., Freeman R.N., Accounting Disclosures Based on Company Size: Regulations and Capital Market Evidence, Accounting Horizons, Vol. 2, Iss. 1, March 1988
Baldarelli M.G., Demartini P., Mosnja-Skare L., International Accounting Standrads for SMEs (Empirical Evidence from SMEs in a Country in Transiction and ia a Developed Country facing New Challenges), Piccola Impresa/Small Business, n. 1, 2007
Barker P., Noonan C., Small Company Compliance with Accounting Standards – The Irish Situation, DCUBS Papers No. 10, 1996
Belkaoui A.R., Accounting Theory, Fifth Edition, Thomson, 2004
Beresford D.R., It’s time to simplify Accounting Standards, Journal of Accountancy, Vol. 187, Iss. 5, March 1999
Capalbo F., Il sistema contabile australiano, Attori e processi, Cedam, Padova, 2004
Carsberg B., Page M.J., Sindal A.J., Waring I.D., Small Company Financial Reporting, Prentice Hall & ICAEW, 1985
Cesaroni F.M., Paoloni M., I principi contabili per le Piccole e Medie Imprese, Piccola Impresa/Small Business, n. 1, 2006
Chazen C., Benson B., Fitting GAAP to Smaller Businesses, Journal of Accountancy, Vol. 145, Iss. 2, February 1978
Cohn M., Finance Execs Fret over Accounting Standards Overload, Accounting Today for the Web CPA, 21 May 2010
Collis J., Dugdale D., Jarvis R., Deregulation of Small Company Financial Reporting, in McLeay S., Riccaboni A., Contemporary Issues in Accounting Regulation, Kluwer Academic Publishers, 2001;
Dames M., Paterson R., Wilson A., UK GAAP – Generally Accepted Accounting Practice in the United Kingdom – Sixth Edition, Butterworths, 1999
DeThomas A.R., Fredenberger W.B., Accounting Need of Very Small Business, The CPA Journal, Vol. 55, Iss. 10, October 1985
Effes E.M., Principles-Based Or Rules-based Standards?, inancial Executive, November 2004
F.A.S.B. – Financial Accounting Standards Board, Financial Reporting by Privately Owned Companies: Summary of
Responses to FASB Invitation to Comment, February 1983
F.A.S.B. – Financial Accounting Standards Board, FASB analyses Small Business Concern About Accounting Standards, Financial Accounting Series, No. 31, November 3, 1986
F.A.S.B. – Financial Accounting Standards Board, Testimony of Robert H. Hertz Chairman and George J. Batavick Board Member
Flower J., The future shape of harmonization: EU versus the IASC, versus the SEC, European Accounting Review, Vol. 6, No. 2, 1997
Friedlob T.G., Plewa F.J., A Practical Solution to Standards Overload, Management Accounting, Vol. 44, Iss. 4, October 1984
Friedlob T.G., Plewa F.J., Cost Effective Financial Reporting for Small Business, Journal of Small Business Management, January 1992
Hepp G.P., McRae T.W., Accounting Standards Overload: Relief is needed, Journal of Accountancy, Vol. 153, Iss. 5, May 1982
Hertz R.S., Standards Overload – A Euphemism, The CPA Journal, Vol. 53, Iss. 10, October 1983;
I.C.A.A. – Institute of Chartered Accountants, Business Practice Guide: Financial Statements of Non-Reporting Entities, October 2004
Jarvis R., Users and Uses of Unlisted Companies’ Financial Statements, ICAEW, London, 1996
Keasey K., Short H., The Accounting Burdens Facing Small Firms: An Empirical Research Note, Accounting and Business Research, Vol. 20, Iss. 80, 1990
Kelley T.P., Accounting Standards Overload – Time for Action?, The CPA Journal, Vol. 52, Iss. 5, May 1982
Knutson D.L., Wichmann H., GAAP Disclosures: Problems for Small Business?, Journal of Small Business Management, Vol. 22, January 1984
Knutson D.L., Wichmann H., The Accounting Standards Overload Problem for American Small Businesses, Journal of Business, Finance & Accounting, Vol. 12, Iss. 3, Autumn 1985
Mann A., Peer review, audits, standards overload and tax division discussed, Journal of Accountancy, Vol. 153, Iss. 6, June 1982
McCahey J.E., Ramsay A.L., Differential Reporting: Nature of the Accounting Standards Overload Problem and a Proposal for its Resolution, AARF, 1989
Moneva J.M., Cuellar B., Paoloni M., Demartini P., El impacto de la informacion financier para la pyme en la Union Europea: el caso de Italia Y Espana, Tecnica Contable, Febrero, 2001
Mosso D., Standards Overload – No Simple Solution, The CPA Journal, Vol. 53, Iss. 10, October 1983
Nair R.D. Rittenberg L., Accounting Costs of Privately Held Business, Journal of Accounting, Auditing and Finance, Vol. 6, Iss. 3, Spring 1983
Nair R.D., Rittenberg L., Privately held Business: is there a standards overload?, Journal of Accountancy, Vol. 155, Iss. 2, February 1983
Nobes C., On the myth of “Anglo-Saxon” financial accounting: A comment, The International Journal of Accounting, Vol. 38, No.1, 2003
Nobes C., Rules-based Standards and the Lack of Principles in Accounting, Accounting Horizons, Vol. 19, Iss. 1, March 2005
Page M.J., Corporate Financial Reporting and the Small Independent Company, Accounting and Business Research, Vol. 14, Iss. 55, Summer 1984
Paoloni P., L’applicazione dei principi contabili internazionali alle piccolo imprese. Un’analisi dell’attualità, Quaderni di Economia Aziendale n. 8, Università degli Studi di Urbino –Facoltà di Economia, 2004;
Paoloni M., Demartini P., Le attese informative degli stakeholder della piccolo impresa. Evidenze empiriche in Italia e nel Regno Unito, Piccola Impresa/Small Business, n. 2, 1997a
Paoloni M., Demartini P., Small company financial reporting: users and information needs, paper presentato al 20th Annual Congress of the European Accounting Association, Graz(Austria), aprile, 1997b
Paoloni M., Demartini P., What role for the annual report in small firms? First findings of an empirical research, Quaderni di Economia Aziendale n. 1, Università degli Studi di Urbino –
Facoltà di Economia, 1998
Pini M., D’Amico L., Paoloni M., Marasca S., Paolini A., Il bilancio della piccola impresa: caratteristiche strutturali e capacità informativa, Giappichelli, Torino, 1996
Ramsey A.L., Financial Reporting by Privately-Owned Companies to the External Users of their Financial Information, AARF, 1989
Ramsey A.L., Sutcliffe P., Financial Reporting by Proprietary Companies: Empirical Evidence and Policy Issues, Australian Accountant, Vol. 56, July 1986
Richardson F.M., Wright C.T., Standards Overload: A Case for Accountant Judgment, The CPA Journal, Vol. 56, Iss. 10, October 1986
Shannon R.P., Accounting Standards Overload Problem – A Suggested Solution, Accounting and Finance Working Paper 92/38, School of Accounting & Finance, University of
Wollongong, 1992
Sorrentino M., Il costo di adeguamento ai principi contabili. Dall’esperienza anglosassone all’implementazione degli IAS/IFRS in Italia, Aracne, Roma, 2012
Stanga K.A., Tiller M.G., Needs of Loan Officers for Accounting Information from Large Versus Small Companies, Accounting and Business Review, Vol. 13, Iss. 53, Winter 1983;
Taylor P., Turley S., The Regulation of Accounting, Basil Blackwell, 1986
Thompson J.A., Accounting Standards overload: some recommendations, Journal of Accountancy, Vol. 156, Iss. 1, July 1983
Upton W.S., Ostergaard C.L., The FASB Response to Small Business, Journal of Accountancy, Vol. 161, Iss. 5, May 1986
Walther L.M., Surviving the accounting standards explosion, Journal of Accountancy, Vol. 156, Iss. 3, September 1983
Zeff S., Setting Accounting Standards: Some lessons from the US Experience, Accountants Magazine, Vol. 92, No. 978, January 1988
A.A.S.B. – Australian Accounting Standards Board, Framework for the Preparation and Presentation of Financial Statements, December 2007
A.I.C.P.A. – American Institute of Certified Public Accountants, A Discussion Paper – The Application of Generally Accepted Accounting Principles to Smaller and/or Closely Held Businesses,
New York, March 31, 1975
A.I.C.P.A. – American Institute of Certified Public Accountants, Report of Committee on Generally Accepted Accounting Principles for Smaller and/or Closely Held Business, New York,
1976
A.I.C.P.A. – American Institute of Certified Public Accountants, Report of the Special Committee on Small and Medium-Sized Firms, New York, 1980
A.I.C.P.A. – American Institute of Certified Public Accountants, Tentative Conclusions and Recommendations of the Special Committee on Standards Overload, New York, December 23,
1981
A.I.C.P.A. – American Institute of Certified Public Accountants, Reporting of the Special Committee on Standards Overload, New York, February 1983
A.I.C.P.A. – American Institute of Certified Public Accountants, Standards Overload: Problems and Solutions, New York, June 1995
A.I.C.P.A. – American Institute of Certified Public Accountants, Report of the Private Companies Practice Section Special Task Force on Standards Overload, New York, August 1, 1996
A.I.C.P.A. – American Institute of Certified Public Accountants, Private Company Financial Reporting Task Force Report, New York, February 28, 2005
Abdel-khalik A.R., Financial Reporting by Private Companies: Analysis and Diagnosis, FASB, 1983
Alexander D., Archer S., On the myth of “Anglo-Saxon” financial accounting, The International Journal of Accounting, Vol.35, No.4, 2000
Atiase R.K., Bamber L.S., Freeman R.N., Accounting Disclosures Based on Company Size: Regulations and Capital Market Evidence, Accounting Horizons, Vol. 2, Iss. 1, March 1988
Baldarelli M.G., Demartini P., Mosnja-Skare L., International Accounting Standrads for SMEs (Empirical Evidence from SMEs in a Country in Transiction and ia a Developed Country facing New Challenges), Piccola Impresa/Small Business, n. 1, 2007
Barker P., Noonan C., Small Company Compliance with Accounting Standards – The Irish Situation, DCUBS Papers No. 10, 1996
Belkaoui A.R., Accounting Theory, Fifth Edition, Thomson, 2004
Beresford D.R., It’s time to simplify Accounting Standards, Journal of Accountancy, Vol. 187, Iss. 5, March 1999
Capalbo F., Il sistema contabile australiano, Attori e processi, Cedam, Padova, 2004
Carsberg B., Page M.J., Sindal A.J., Waring I.D., Small Company Financial Reporting, Prentice Hall & ICAEW, 1985
Cesaroni F.M., Paoloni M., I principi contabili per le Piccole e Medie Imprese, Piccola Impresa/Small Business, n. 1, 2006
Chazen C., Benson B., Fitting GAAP to Smaller Businesses, Journal of Accountancy, Vol. 145, Iss. 2, February 1978
Cohn M., Finance Execs Fret over Accounting Standards Overload, Accounting Today for the Web CPA, 21 May 2010
Collis J., Dugdale D., Jarvis R., Deregulation of Small Company Financial Reporting, in McLeay S., Riccaboni A., Contemporary Issues in Accounting Regulation, Kluwer Academic Publishers, 2001;
Dames M., Paterson R., Wilson A., UK GAAP – Generally Accepted Accounting Practice in the United Kingdom – Sixth Edition, Butterworths, 1999
DeThomas A.R., Fredenberger W.B., Accounting Need of Very Small Business, The CPA Journal, Vol. 55, Iss. 10, October 1985
Effes E.M., Principles-Based Or Rules-based Standards?, inancial Executive, November 2004
F.A.S.B. – Financial Accounting Standards Board, Financial Reporting by Privately Owned Companies: Summary of
Responses to FASB Invitation to Comment, February 1983
F.A.S.B. – Financial Accounting Standards Board, FASB analyses Small Business Concern About Accounting Standards, Financial Accounting Series, No. 31, November 3, 1986
F.A.S.B. – Financial Accounting Standards Board, Testimony of Robert H. Hertz Chairman and George J. Batavick Board Member
Flower J., The future shape of harmonization: EU versus the IASC, versus the SEC, European Accounting Review, Vol. 6, No. 2, 1997
Friedlob T.G., Plewa F.J., A Practical Solution to Standards Overload, Management Accounting, Vol. 44, Iss. 4, October 1984
Friedlob T.G., Plewa F.J., Cost Effective Financial Reporting for Small Business, Journal of Small Business Management, January 1992
Hepp G.P., McRae T.W., Accounting Standards Overload: Relief is needed, Journal of Accountancy, Vol. 153, Iss. 5, May 1982
Hertz R.S., Standards Overload – A Euphemism, The CPA Journal, Vol. 53, Iss. 10, October 1983;
I.C.A.A. – Institute of Chartered Accountants, Business Practice Guide: Financial Statements of Non-Reporting Entities, October 2004
Jarvis R., Users and Uses of Unlisted Companies’ Financial Statements, ICAEW, London, 1996
Keasey K., Short H., The Accounting Burdens Facing Small Firms: An Empirical Research Note, Accounting and Business Research, Vol. 20, Iss. 80, 1990
Kelley T.P., Accounting Standards Overload – Time for Action?, The CPA Journal, Vol. 52, Iss. 5, May 1982
Knutson D.L., Wichmann H., GAAP Disclosures: Problems for Small Business?, Journal of Small Business Management, Vol. 22, January 1984
Knutson D.L., Wichmann H., The Accounting Standards Overload Problem for American Small Businesses, Journal of Business, Finance & Accounting, Vol. 12, Iss. 3, Autumn 1985
Mann A., Peer review, audits, standards overload and tax division discussed, Journal of Accountancy, Vol. 153, Iss. 6, June 1982
McCahey J.E., Ramsay A.L., Differential Reporting: Nature of the Accounting Standards Overload Problem and a Proposal for its Resolution, AARF, 1989
Moneva J.M., Cuellar B., Paoloni M., Demartini P., El impacto de la informacion financier para la pyme en la Union Europea: el caso de Italia Y Espana, Tecnica Contable, Febrero, 2001
Mosso D., Standards Overload – No Simple Solution, The CPA Journal, Vol. 53, Iss. 10, October 1983
Nair R.D. Rittenberg L., Accounting Costs of Privately Held Business, Journal of Accounting, Auditing and Finance, Vol. 6, Iss. 3, Spring 1983
Nair R.D., Rittenberg L., Privately held Business: is there a standards overload?, Journal of Accountancy, Vol. 155, Iss. 2, February 1983
Nobes C., On the myth of “Anglo-Saxon” financial accounting: A comment, The International Journal of Accounting, Vol. 38, No.1, 2003
Nobes C., Rules-based Standards and the Lack of Principles in Accounting, Accounting Horizons, Vol. 19, Iss. 1, March 2005
Page M.J., Corporate Financial Reporting and the Small Independent Company, Accounting and Business Research, Vol. 14, Iss. 55, Summer 1984
Paoloni P., L’applicazione dei principi contabili internazionali alle piccolo imprese. Un’analisi dell’attualità, Quaderni di Economia Aziendale n. 8, Università degli Studi di Urbino –Facoltà di Economia, 2004;
Paoloni M., Demartini P., Le attese informative degli stakeholder della piccolo impresa. Evidenze empiriche in Italia e nel Regno Unito, Piccola Impresa/Small Business, n. 2, 1997a
Paoloni M., Demartini P., Small company financial reporting: users and information needs, paper presentato al 20th Annual Congress of the European Accounting Association, Graz(Austria), aprile, 1997b
Paoloni M., Demartini P., What role for the annual report in small firms? First findings of an empirical research, Quaderni di Economia Aziendale n. 1, Università degli Studi di Urbino –
Facoltà di Economia, 1998
Pini M., D’Amico L., Paoloni M., Marasca S., Paolini A., Il bilancio della piccola impresa: caratteristiche strutturali e capacità informativa, Giappichelli, Torino, 1996
Ramsey A.L., Financial Reporting by Privately-Owned Companies to the External Users of their Financial Information, AARF, 1989
Ramsey A.L., Sutcliffe P., Financial Reporting by Proprietary Companies: Empirical Evidence and Policy Issues, Australian Accountant, Vol. 56, July 1986
Richardson F.M., Wright C.T., Standards Overload: A Case for Accountant Judgment, The CPA Journal, Vol. 56, Iss. 10, October 1986
Shannon R.P., Accounting Standards Overload Problem – A Suggested Solution, Accounting and Finance Working Paper 92/38, School of Accounting & Finance, University of
Wollongong, 1992
Sorrentino M., Il costo di adeguamento ai principi contabili. Dall’esperienza anglosassone all’implementazione degli IAS/IFRS in Italia, Aracne, Roma, 2012
Stanga K.A., Tiller M.G., Needs of Loan Officers for Accounting Information from Large Versus Small Companies, Accounting and Business Review, Vol. 13, Iss. 53, Winter 1983;
Taylor P., Turley S., The Regulation of Accounting, Basil Blackwell, 1986
Thompson J.A., Accounting Standards overload: some recommendations, Journal of Accountancy, Vol. 156, Iss. 1, July 1983
Upton W.S., Ostergaard C.L., The FASB Response to Small Business, Journal of Accountancy, Vol. 161, Iss. 5, May 1986
Walther L.M., Surviving the accounting standards explosion, Journal of Accountancy, Vol. 156, Iss. 3, September 1983
Zeff S., Setting Accounting Standards: Some lessons from the US Experience, Accountants Magazine, Vol. 92, No. 978, January 1988
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