clinton-Final.docx - CHALLNGES FACING SMALL AND MEDIUM ENTERPRISES(SMES IN ADOPPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS(IFRS IN KENYA A CASE

clinton-Final.docx - CHALLNGES FACING SMALL AND MEDIUM...

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CHALLNGES FACING SMALL AND MEDIUM ENTERPRISES (SMES) IN ADOPPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) IN KENYA: A CASE STUDY OF ELDORET TOWN CLINTON MUTUA BE100/G/1252/15 A Research Project Submitted in Partial Fulfillment for the Requirement for the Award of Degree of Bachelor of Commerce Accounting Option to the University of Kirinyaga University APRIL, 2019 i
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DECLARATION I hereby declare that this research submitted with my authority to Dr. Gideon Mwangi is my original work as part of the fulfillment for the award of bachelor of commerce and has never been presented before to any institution of higher learning for an award of degree or diploma. Student name: Mutua Clinton Signature : Date : Supervisor name: Dr. Gideon Mwangi Signature : Date : ii
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ACKNOWLEDGMENT I wish to acknowledge my supervisor Dr. Gideon Mwangi for his great support and guidance throughout this research. He has taken his time to understand my ideas and helped me bring them up in an understandable manner. He has also brought up a strong and reliable personality in me. I also wish to acknowledge my fellow colleagues who have also facilitated me in the building of ideas. They have shared what they know in an open manner. I am also full of gratitude to my family for their great support financially and moral morally. They have also encouraged me when the road tried to go tough. Last but not least, I wish to greatly acknowledge the almighty God. He has been my strength, comfort and has given me knowledge and wisdom. His praise I shall sing forever. Despite all the support from the above people I acknowledge that this my original work and I am responsible for this final report. iii
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DEDICATION I would like to dedicate this research work to my family who are my pillars and sources of great inspiration. My mother for her unceasing prayers for God’s blessings upon me to be the best I can and also for the financial support that she offered to me. And finally, to my elder and sister and all my friends who have supported me during my studies. May the almighty God bless them all. iv
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TABLE OF CONTENT Contents DECLARATION ....................................................................................................................................... ii ACKNOWLEDGMENT .......................................................................................................................... iii DEDICATION ........................................................................................................................................... iv TABLE OF CONTENT ............................................................................................................................. v LIST OF TABLES ..................................................................................................................................... x LIST OF FIGURES .................................................................................................................................. xi ACRONYMS ............................................................................................................................................ xii ABSTRACT ............................................................................................................................................. xiii CHAPTER ONE ........................................................................................................................................ 1 INTRODUCTION ..................................................................................................................................... 1 1.1. Background of the study ............................................................................................................... 1 1.1.1. International Financial Reporting Standards IFRS ........................................................ 3 1.1.2. International Financial Reporting Standards for Small and Medium Enterprises ...... 5 1.2. Statement of the Problem .......................................................................................................... 7 1.3. General Objectives ..................................................................................................................... 8 v
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1.3.1. Specific Objectives ............................................................................................................. 9 1.4. Research Questions .................................................................................................................... 9 1.5. Justification .............................................................................................................................. 10 1.6. Scope of the Study .................................................................................................................... 11 CHAPTER TWO ..................................................................................................................................... 12 LITERATURE REVIEW ....................................................................................................................... 12 2.0. Introduction .................................................................................................................................. 12 2.1. Small and medium enterprises and employment ....................................................................... 12 2.2. The Role of Small and Medium Enterprises (SMES) in the Economy ..................................... 14 2.3. Variables ........................................................................................................................................ 16 2.3.1. Dependent variables .............................................................................................................. 16 2.3.2. Independent variables ........................................................................................................... 16 2.4. Conceptual framework ................................................................................................................. 17 2.4.1. Challenges faced by small and medium enterprises (SMES) .............................................. 18 2.4.2 The Finance Gap ..................................................................................................................... 21 2.5. Empirical Literature Review ....................................................................................................... 23 2.6. International Financial Reporting Standards ............................................................................ 26 vi
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2.7. Financial Reporting by Small and Medium enterprises (SMEs) ............................................... 27 2.8. Chapter summary
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