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The adoption of the International Accounting Standards, IFRS and IFRS for SMEs in Panama, took almost a decade, since since 1998 an attempt was made to adopt them but there were demands, which delayed the implementation and it was not until 2005 that the IAS were adopted. later emerging global IFRS and later IFRS for SMEs. The economic reality of the country tells us that more than 90% of the companies are small and medium-sized companies (SMEs), which means that the standard indicated for accounting records, the presentation and disclosure of financial statements are IFRS for SMEs. There is a difference between global IFRS and IFRS for SMEs in terms of asset valuation and depth of financial statement disclosure.
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