Evolution of international financial reporting standards and their application in SMEs

Abstract

This article examines the evolution of International Financial Reporting Standards (IFRS) and their impact on small and medium-sized enterprises (SMEs), in a context of increasing globalization that demands transparent and comparable financial information. Through an exhaustive literature review of recent studies, benefits such as improved transparency, access to financing and openness to international markets were identified. However, the analysis reveals significant obstacles, including high implementation costs, lack of trained personnel and resistance to change, which hinder the mass adoption of IFRS in SMEs, especially in emerging economies. The findings highlight that, although these standards represent a strategic opportunity to increase the competitiveness and credibility of companies, their implementation requires support policies, continuous training and adaptation to local contexts. The study concludes that overcoming these challenges is key for SMEs to fully benefit from an internationally recognized accounting framework.