Financial Reporting Practices

of Cooperatives in the
City of Mandaue and the
Municipality of Consolacion

Alabado, Krista
Marie
Bagarinao, Diojie
Bargio, Cristine
Jane
Cabueas, Sandra
Mae
AC
527PR
Estan,
Trisha Ann
4:30-6:00
MW
Luague, Eldrid

 This study will highlight the level of

implementation of IFRS for SMEs of the
selected cooperatives in the Mandaue
City and Consolacion areas. It aims to
develop an accounting industry guide
for the cooperative industry designed
to provide investment professionals
with an overview of an industrys
structure
and
primary
economic
drivers, as well as a practical reference
for effective company analysis.

RATIONALE

MAIN PROBLEM
The purpose of the study is to
investigate
the
implementation
of
International
Financial
Reporting
Standards (IFRS) for Small and Medium
Enterprises (SMEs) of the selected
cooperatives in Mandaue City and
Consolacion in order to provide an
accounting industry guide for the
cooperative industry.

STATEMENT OF THE
PROBLEM

SUBPROBLEMS
1. Describe the profile of SMEs in terms of:
1.1 Total Assets
1.2 Profitability
1.3 Number of years
2. Identify the current standards in accounting being
implemented, in terms of:
2.1 Financial Statements Presentation;
2.2 Statement of Financial Position;
2.3 Statement of Comprehensive Income and Income
Statement;
2.4 Statement of Changes in Members Contribution;
2.5 Statement of Cash Flows;
2.6 Notes to the Financial Statements; and,
2.7 Accounting Policies, Estimates and Errors
3. Based on the findings, the study will propose an accounting
industry guide for cooperatives

 Implementation of International Financial

Reporting Standards by Listed Companies
in Nigeria
Ogbenjuwa, E. I. (2016)
The Adoption of International Accounting
Standards for Small- and Medium-Sized
- Feltham,
REVIEW
D.
K. (2013 ) OF RELATED

LITERATURE

 Access to Capital: Examining the Effect

of Adopting International Financial
Reporting Standards
- Manyara, S. M.
(2013)
Issues in the Adoption of IFRS for SMEs
- Perera,
D., & Chand, P. (2015)

REVIEW OF RELATED
LITERATURE

 Role of Cooperatives in Small and

Medium Enterprises (SMEs)
Development in Nigeria: Challenges
and the Way Forward
- Nwankwo, F. P., Ewuim, N. P., &
Asoya, N. P. (October 2012)

REVIEW OF RELATED
LITERATURE

THEORETICAL FRAMEWORK

CONCEPTUAL FRAMEWORK

 There are a total of 104 cooperatives in

Mandaue
City
and
Consolacion
registered with the CDA as of December
2015; 92 of which are located in
Mandaue City and the other 12 are
located
in
Consolacion.
These
cooperatives
are
targeting
small
business owners and other individuals
who want financial assistance.

RESEARCH
ENVIRONMENT

A complete set of financial statements of a

cooperative shall include all of the
following:
Statement of Financial Condition (Balance
Sheet or Statement of Financial Position)
Statement
of
Operations
(Income
Statement)
Statement of Changes in Equity
Statement of Cash Flows
Notes to Financial Statements

RESEARCH SUBJECT

 The research instrument that will be used

in this study is the IFRS for SMEs Checklist.
The checklist summarizes the recognition,
measurement, presentation, and disclosure
requirements set out in IFRS for Small and
Medium-sized Entities (SMEs).
The data to be subjected to the checklist
are the Financial Statements of the
selected cooperatives situated in the areas
of Mandaue City and Consolacion.

RESEARCH
INSTRUMENT

 Gathering of Data
Treatment of Data

RESEARCH
PROCEDURES

 Results of the investigation conducted

on the cooperatives FS using the
checklist for the IFRS for SMEs
Accounting industry guide for the
cooperative industry

EXPECTED THESIS
OUTPUT

Thesis Proposal Hearing

(INTERPRETATION PHASE)