This study has several limitations. Firstly, this research was conducted before the
application of the IFRS for SMEs; so only the preparedness for and perception of
the entities about the IFRS for SMEs could be investigated. After the application
date, SMEs’ compliance with the IFRS for SMEs can also be measured. Further,
this research was carried out only in Turkey. The study can be extended to other
emerging countries and their adoption processes can be compared.