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As globalization advances and cross-border trade expands, small and medium-sized enterprises (SMEs) in emerging markets are increasingly engaged in foreign currency transactions. This development requires adherence to International Accounting Standard 21 (IAS 21), which addresses the effects of changes in foreign exchange rates. While compliance with IAS 21 is vital for ensuring accurate and comparable financial reporting, SMEs often face significant challenges in meeting these requirements due to limited financial resources, technical expertise, and access to appropriate accounting infrastructure. This integrative review consolidates existing academic and industry literature to identify key obstacles encountered by SMEs in implementing IAS 21. These challenges include difficulties in selecting appropriate exchange rates, translating foreign operations, and maintaining up-to-date accounting systems. Guided by institutional theory, contingency theory, and the resource-based view, the study examines how external institutional pressures and internal resource constraints impact compliance levels among SMEs. The review also discusses the implications for financial reporting quality, investor confidence, and policy development within emerging economies. The findings underscore the importance of simplified regulatory guidance, capacity-building efforts, and customized support frameworks to close the compliance gap and strengthen the financial transparency of SMEs operating in international markets

This study evaluates the effects and challenges faced by South African state-owned insurance enterprises in adopting International Financial Reporting Standard (IFRS) 17, mainly the effects on financial reporting and contract transparency. Research purpose: The study analyses IFRS 17’s effect on the financial reporting practices and the transparency of insurance contracts within these enterprises. This is the first study to explore IFRS 17’s effects on South African state-owned non-life insurance enterprises from a finance management and executive perspective. It aims to identify key challenges and benefits of implementation while assessing its impact on accounting information quality. A qualitative approach was used, with semi-structured virtual interviews conducted among finance executives and management. Data was analysed using ATLAS.ti software to identify themes and patterns related to IFRS 17 adoption. The study found that IFRS 17 adoption has significantly improved transparency and comparability in financial statements, enhancing clarity in presenting insurance contracts. However, challenges such as the complexity of the standard, increased demand for technical expertise and resource allocation issues were identified. It is recommended that finance executives receive additional training and support to navigate IFRS 17 complexities. Strengthening regulatory frameworks will help maximise transparency and financial reporting improvements while mitigating implementation challenges. This study provides valuable insights into IFRS 17 adoption within state-owned insurers, highlighting its benefits and challenges to support informed decision-making in the adoption and implementation of the international accounting standard.