Although the adoption of the IFRS for SMEs is less costly compared with the
adoption of the full set of IFRS, implementation costs remain to be one of the main
perceived obstacles for SMEs in an emerging country as Turkey. In fact, most of
the implementation costs will be incurred in the first application of the IFRS for
SMEs and will be removed in the long run. The Standard Authority and other
regulatory bodies should highlight this fact to entities with the support of the
accounting professionals.