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As for the case of these revised international reporting standards for small and medium enterprises as actually pushed for the call of strong normative theories because their interests here are at stake. Because positive theory seeks to explain what is practised, observations made, and normally generating proposition, it strongly lays a firm foundation on testing in order to verify the current situations. This way companies can verify impacts of the kind of changes are going to be effected as a result of adopting or bringing in some new different regulations

For example, the impacts of the sudden adoption of the internationally set standards of financial recording were felt by the affected companies after they prepared their financial records using their usual methods of recording and then compared the results with the newly set international standards. The implication were reported down and later presented to this main body on the effects the recommendations have had on the affected companies. This helps in identifying specific areas where pronounced effects have been felt.

As a result, the IASB was advised accordingly that these small and moderate businesses were actually unnecessarily affected by their recommendations and therefore it is advised accordingly .to take measures to reduce the effect on these businesses. This is a clear indication that positive theory helps to realise correction as suggested after the exhaustive process of testing and verification then an explanation provided. This rational justification helps in the appreciation of the real world as it is. This normally adds up when we are trying to understand the challenges (Guy Thomas & Andrew Smith).

From the discussion above, the issues that arose from the adoption of IFRSs were positively stated and hence it was easier for the IAS Board to act in precision in response to the complains made by the affected businesses in different localities all over the world. For example, the cases of complains made by the small and medium sized entities in the adoption of

Models derived from observed performance may aid enhanced predictions than normative representation

During one of the IASB's annual meeting the board entered a registry in the concerns that the second phase of the IASB's plan on business joining was likely going to meet significant resistance. This made the Board to be highly worried as to whether the IASB were conscious of the significant hostility to its proposals that remained in spite of the IASB proposing two pReferences for the valuation of the non-controlling concern. They also noted that addition of the second choice in order to value non-controlling interests at its balanced interest in the acquiree's particular net assets at the attainment date destabilized the entity model that the IASB hoped to give an application to. The Board was also disturbed to learn that the IASB proposed to issue the IFRS Without a notification of the changes it intended to establish.

Normative theory

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