with IFRS. This was considered too burdensome, and as such, the government now allows SMEs to report under the new standard (Cohn, 2010).
Haller and Eierle (2004) point out that many countries’ SMEs would have to adopt full IFRS, due to World Bank demands. Where there is no DIFFREP system in a country IFRS-SME may be a cost effective alternative to full IFRS.