More then half of privately held businesses
(PHBs) think greater transparency is the most significant benefit
of financial reporting, according to a global survey by Grant
Thornton.

The Grant Thornton International Business
Report surveyed more than 7,400 PHB business owners in 36
countries.

The other main benefits of financial reporting
according to the survey respondents were the reduction of cost
(44%), easier access to capital (37%) and reporting simplification
(33%).

“These results indicated that even though PHBs
are often under no obligation to report information about their
financial results or legal structures, business leaders are
increasingly recognising that in order to compete and grow they
need to be more readily comparable with similar businesses around
the world,” Foo Kon Tan Grant Thornton (Grant Thornton Singapore)
partner Kon Yin Tong
said.                                                          

IFRS for SMEs awareness

Fifty-three percent of survey participants
said they were aware of IFRS for SMEs, with highest awareness in
Europe at more then 70%.

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By GlobalData

Awareness of IFRS for SMEs was lowest among
PHBs in the Asia-Pacific region with less then 20% of PHBs familiar
with the standards in Japan and Thailand.

However, IFRS for SMEs awareness was high in
the Philippines (68%), Singapore (61%) and Hong Kong 64%.