Abstract
In 2011, the Accounting Standards Board put into effect the mandatory application of IFRS for SMEs, ordering its dissemination and training to take place within all the universities in Peru which contain a Faculty of Accounting and Financial Sciences. However, almost three years after the mandate, there is still no evidence of any Peruvian university incorporating these standards into their curricula. These findings are reflected in surveys that given to accountants in the province of Arequipa, which in the majority of the cases are unaware of the full scope of the IFRS as they apply to SMEs. In order to be able to present relevant and reliable financial information, it is imperative that we are completely aware of how important the implementation of the IFRS for SMEs actually is.