Challenges Faced by SMES in the application of IFRS for SMES and their possible Solutions in the Context of Colombia

Keywords: SMEs, IFRS for SMEs, Accounting, Accounting Standards, Accounting Convergence

Abstract

his work aims to identify the problems associated with the application of International Financial Reporting Standards for SMEs (IFRS for SMEs) in Colombia and propose alternative solutions, all within the framework of regulatory compliance. The methodology employed will be qualitative, involving a documentary review of national, regional, and international sources to identify applica- tion issues related to ifrS for SMEs. Additionally, an analysis of IFRS for SMEs will be conducted based on experiences with these entities, complemented by semi-structured interviews with companies to gain a broader perspective on the identified problems. Preliminary results reveal a variety of difficulties in specific areas such as impairment and amortized cost. Generally, accountants within the entities do not recognize the benefits of the model, indicating that the efforts of responsible organizations should focus on raising awareness and providing training to understand, analyze, apply, and be aware of the constraints of the international model. As a future research direction, it is suggested to investigate ways to simplify specific measurement processes based on the unique conditions of the context.

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How to Cite
Patiño-Jacinto, R. A., Melgarejo Molina, Z. A., & Plata Becerra, M. T. (2024). Challenges Faced by SMES in the application of IFRS for SMES and their possible Solutions in the Context of Colombia. Revista Facultad De Ciencias Económicas, 32(2), 11–29. https://doi.org/10.18359/rfce.6908
Published
2024-12-30
Section
Artículos