USING WEB TECHNOLOGY TO IMPROVE THE ACCOUNTING OF
 SMALL AND MEDIUM ENTERPRISES. AN ACADEMIC APPROACH
              TO IMPLEMENTATION OF IFRS


                Florin Mihai, The Bucharest Academy of Economic Studies
              Constantin Groza, “1 December 1918” University of Alba Iulia
              Aldescu (Iacob) Elena-Oana, “Valahia”University of Targoviste

ABSTRACT: One way of supporting the accounting standard-setting process and to facilitate
the access to those standards is through the implementation of modern accounting reporting
methods using web technology. In this regard SMEs are under stress of two major factors:
implementation of accounting standards and revolution in IT technology. The purpose of this
paper is to define the web accounting, explain the implications of web accounting for IFRS
and discuss the key features in implementing this form of accounting for Small and Medium
Enterprises(SME’s). Web accounting is accounting software based on XML technology that
stores records and processes accounting transactions using HTTP as its primary
communications protocol, and delivers web based information in HTML format and then
translated in other formats. Web based accounting, will provide the benefit of cost savings
and increasing efficiency. It also will allows employees and external users (suppliers,
customers and investors) a real time access to accounting data, translating reports in XBRL
format and facilitate adoption of IFRS.

Key words: Web Accounting, SMEs, Web Technology, XML, XBRL, IFRS

JEL codes: M10, M 40, M41