Through New Turkish Commercial Code, Turkish national regulators require all companies - regardless of size- to prepare their financial statements in accordance with "Turkish Accounting Standards” which are equivalent of IFRS. This means owners of small and medium-sized entities (SMEs) must consider the conversion process from existing accounting framework to IFRS.

The question is that "Can the potential benefits of full IFRS can be outweighed by the difficulty or cost of preparing IFRS information?”. The good news is that International Accounting Standards Board (IASB) recognizes this and embarked on new SME standards that will have the same accounting framework as full IFRS.

Considering the changing regulatory and competition environment as well as the globalization, the benefits of changing to IFRS can be very significant for some SMEs. However, the conversion process should not be taken lightly since this may not only a change of numbers. This process may have wider implications on systems, processes and people.