The IFRS for SMEs application will be
burdensome especially for small entities in terms of cost–benefit analysis because
those entities have limited staff and resources to adopt the standard (Poroy Arsoy
& Sipahi, 2007; Bunea-Bontas et al., 2011). In fact, there have been several
revisions in full set IFRS to decrease the burden on SMEs, such as omission of
irrelevant topics, simplification of measurement and reporting requirements, and
reduced number of disclosures (Albu et al., 2010; Müllerova et al., 2010).
Accounting professionals still perceive the IFRS for SMEs as burdensome for the
entities.