The problem of reporting financial data useful for readers in most of the countries and languages is receiving considerable attention with the implementation of the new financial reporting standards in the United States, European Union Canada, Australia, and Japan. The theoretical model of the new standard forms that would be produced in a particular country and especially for public and world companies will expedite the search and analyses of usefulness of this reporting. The characteristic formulation of accounting and financial information is to obtain a common language in reporting financial data, capable to be used by readers in the same meaning and to be useful for all participants.In other words the needs for harmonization of financial and accounting information to all participants. There are a lot of interferences, convergences and divergences between accounting and financial reporting that still should be resolved for SMEs. Using a comparative method between needs for accounting and financial information for management în one side and bank on other side in two countries, Canada and Romania, it will be enable to show how accounting and financial information can be harmonized for SMEs and to be implemented in IFRS. [PUBLICATION ABSTRACT]