International Journal For Multidisciplinary Research

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Compliance with Philippine Financial Reporting Standards for SMEs: Evidence from Selected Enterprises

Author(s) Dr. Jomar Valonda Villena, Prof. Von Karlo Gabumpa, Prof. Fideliz Arca C. Vidal, Prof. Allan M. Dela Cruz
Country Philippines
Abstract Small and Medium-sized Enterprises (SMEs) play a critical role in the Philippine economy, contributing significantly to employment generation, economic growth, and entrepreneurial development. This study evaluated the level of compliance of selected SMEs in Baliwag, Bulacan with the Philippine Financial Reporting Standards for SMEs (PFRS for SMEs). It also examined the business profiles of SMEs in terms of nature of business, years of operation, number of employees, and business scale, and determined whether these characteristics influence compliance levels.
Using a quantitative descriptive research design, data were collected from 25 SMEs through a structured survey questionnaire based on Sections 3 to 8 of the PFRS for SMEs. Descriptive statistics and the Kruskal-Wallis test were utilized to analyze the data. Findings revealed that SMEs exhibit a high level of compliance across all financial reporting components, with an overall mean interpreted as fully compliant. This indicates strong adherence to required disclosure standards, promoting transparency, reliability, and comparability in financial statements.
Furthermore, no significant differences were found in compliance levels when SMEs were grouped according to their business characteristics, suggesting that compliance is relatively uniform regardless of firm type or size. The results highlight the effectiveness of PFRS for SMEs as a standardized reporting framework and underscore the growing commitment of SMEs to accountability in financial reporting.
Keywords PFRS for SMEs, Financial Reporting Compliance, Small and Medium-sized Enterprises, Financial Statements, Disclosure Requirements, Accounting Standards
Field Business Administration
Published In Volume 8, Issue 3, May-June 2026
Published On 2026-06-04
DOI https://doi.org/10.36948/ijfmr.2026.v08i03.80378
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CrossRef DOI prefix of IJFMR is 10.36948/ijfmr

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