The world has witnessed significant economic development in recent decades, especially with the emergence of multinational companies and market economies. This has highlighted the challenge of producing reliable information for international financial markets due to varying accounting standards across countries. International accounting standards serve as a general guideline for accountants in preparing financial reports, ensuring consistency, disclosure, and measurement of information about project economic events. International Financial Reporting Standards (IFRS) are vital for financial reporting operations worldwide, aiming to standardize financial information presentation, transparency, and credibility. However, these standards may be complex for small and medium-sized companies, leading to the introduction of SME standards. SME standards offer flexibility and simplicity, providing a simplified accounting framework suitable for small and medium-sized companies’ needs. These standards help companies present accurate and transparent financial reports without the burden of full and complex IFRS compliance. Therefore, SME standards are an ideal option for companies seeking international standards compliance without the financial and administrative burden associated with full IFRS compliance.