3. Methodology
The questionnaire is composed of two sections. The first section of the questionnaire consists of 38 items
measuring the necessity of the application of IFRS. Respondents rated each item on a 5-point Likert type scale
ranging from 1 “not important” to 5 “very important”. The second section of the measurement instrument
composed of seven open ended questions which all intend to find out different aspects related to IFRS and
SMEs. Table 1 shows 45 variables to be measured according to our research model. .