Please use this identifier to cite or link to this item: https://hdl.handle.net/1959.11/6799
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dc.contributor.authorGibson, Brianen
local.source.editorEditor(s): Urs Fueglistaller, Thierry Volery, Walter Weberen
dc.date.accessioned2010-10-29T15:25:00Z-
dc.date.issued2006-
dc.identifier.citationUnderstanding the Regulatory Climate for Entrepreneurship and SMEs: Papers presented to the Rencontres de St-Gall 2006, v.Topic D: Research in Progressen
dc.identifier.isbn9783906541242en
dc.identifier.isbn390654124Xen
dc.identifier.urihttps://hdl.handle.net/1959.11/6799-
dc.description.abstractNotwithstanding exemptions provided through professional accounting bodies around the world, standards and procedures applicable to publicly traded firms are often used to identify and analyse financial information about privately held firms. Such approaches may not always be applicable. In an environment of emerging international standardisation and differential reporting for small enterprises, the focus of this paper is on one potentially inappropriate procedure that relates to the identification of debt and equity. In many instances the debt reported in the financial reports of privately held firms is provided to the firm only because the owner's personal assets have been provided as debt collateral. Such a circumstance means the amount involved has more of an equity characteristic than a debt characteristic because the owner's personal wealth is put at risk for an uncertain return. For this reason the existence of debt secured by personal collateral is often referred to as quasi-equity. The presence of unrecognised quasi-equity generates two significant types of problem. Firstly, a potential investor analysing the financial reports of a firm in which reported debt is really quasiequity may assess the firm to be a poor investment opportunity because it has an apparently high reliance on debt in its financial structure. The second problem is that there is an increasing reliance on the content of the financial reports of privately held firms by researchers gathering and analysing data to inform and guide policy. By aggregating that data without recognition of the quasi-equity characteristic of such debt, invalid understandings of the nature of the equity and debt funding of privately held firms might be emerging. Unfortunately the accounting profession has not recognised the existence of these problems and, apart from the special reporting requirements in the United Kingdom, there does not appear to be any attempt to ensure reports prepared for privately held firms identify the presence of quasiequity.en
dc.languageenen
dc.publisherUniversity of St Gallen, Swiss Institute of Small Business and Entrepreneurship (KMU-HSG) [Universität St Gallen, Schweizerisches Institut für Klein-und Mittelunternehmen (KMU-HSG)]en
dc.relation.ispartofUnderstanding the Regulatory Climate for Entrepreneurship and SMEs: Papers presented to the Rencontres de St-Gall 2006en
dc.titleAccounting Standards and Small Firm Debt and Equity: An International Research Agendaen
dc.typeConference Publicationen
dc.relation.conferenceRencontres de St-Gall 2006en
dc.subject.keywordsFinancial Accountingen
dc.subject.keywordsEntrepreneurshipen
dc.subject.keywordsSmall Business Managementen
local.contributor.firstnameBrianen
local.subject.for2008150314 Small Business Managementen
local.subject.for2008150304 Entrepreneurshipen
local.subject.for2008150103 Financial Accountingen
local.subject.seo2008910402 Managementen
local.subject.seo2008910203 Industrial Organisationsen
local.profile.schoolAdministrationen
local.profile.emailbgibson4@une.edu.auen
local.output.categoryE2en
local.record.placeauen
local.record.institutionUniversity of New Englanden
local.identifier.epublicationsrecordune-20100423-170341en
local.date.conference18th - 21st September, 2006en
local.conference.placeWildhaus, Switzerlanden
local.publisher.placeSt Gallen, Switzerlanden
local.identifier.volumeTopic D: Research in Progressen
local.title.subtitleAn International Research Agendaen
local.contributor.lastnameGibsonen
dc.identifier.staffune-id:bgibson4en
local.profile.roleauthoren
local.identifier.unepublicationidune:6960en
dc.identifier.academiclevelAcademicen
local.title.maintitleAccounting Standards and Small Firm Debt and Equityen
local.output.categorydescriptionE2 Non-Refereed Scholarly Conference Publicationen
local.relation.urlhttp://www.kmu.unisg.ch/rencontres/RENC2006/Topics06/D/Rencontres_2006_Gibson.pdfen
local.relation.urlhttp://www.kmu.unisg.ch/rencontres/RENC2006/band2006.htmlen
local.conference.detailsRencontres de St-Gall 2006, Wildhaus, Switzerland, 18th - 21st September, 2006en
local.search.authorGibson, Brianen
local.uneassociationUnknownen
local.year.published2006en
local.date.start2006-09-18-
local.date.end2006-09-21-
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