INTERNATIONAL FINANCIAL REPORTING STANDARD (IFRS) WILL SUPPORT MANAGEMNET ACCOUNTING SYSTEM FOR SMALL AND MEDIUM ENTREPRISE (SME)?"

The problem of reporting financial data useful for readers in most of the countries andlanguages is receiving considerable attention with the implementation of the new financialreporting standards in the United States, Canada, Australia, Europe and Japan. The theoreticalmodel of the new standard forms that would be produced in a particular country and especially forpublic and world companies will expedite the search and analyses of usefulness of this reporting.The characteristic formulation of IFRS is implemented to obtain a common language in reportingfinancial data, capable to be interpreted by readers in the same meaning. There are a lot ofinterferences, convergences and divergences between accounting and financial reporting that stillshould be resolved for SMEs. Using a comparative method between management accounting in twocountries, Canada and Romania, it will be enable to show how IFRS can solve some of thosedifferences.