Navigating IAS 21: An integrative review of compliance challenges for SMEs in emerging markets
Loveness Mbedzi ORCID ↗ · Anos Chitamba
International Journal of Research in Business and Social Science · 2026 · Vol. 14 / Issue 9 · 246-256
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Abstract
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
Keywords: {'name': 'IAS 21 Compliance, Small and Medium-sized Enterprises (SMEs), Emerging Markets, Foreign Currency Translation, Financial Reporting Standards'}
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Loveness Mbedzi
Durban University of Technology
Anos Chitamba
Durban University of Technology
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