The accounting principles according to the ED „IFRS for SMEs“ are based on the same concept as the IAS/IFRS. Therefore, the accounting policies and methods are quite similar to IAS/IFRS. Nevertheless, in comparison to IAS/IFRS, the ED „IFRS for SMEs“ contains additional accounting policy choices in the transition to IFRS for SMEs but also in the accounting after the transition. A high degree of autonomy of accounting choices, a high degree of flexibility and a low degree of recognisability enable a focused accounting strategy. In a cost-benefit-analysis, the SMEs will be faced with additional external and internal costs in order to execute a focused accounting strategy. Although the reaction of the financial analysts and other users of the financial statements to the manifold accounting policy choices is not yet clear, nevertheless it could be assumed that they will disapprove of those permissive accounting options. Therefore, it is in the mutual interest of both parties, SMEs and the users of the financial statements of SMEs, to reduce the accounting policy choices in order to generate high quality accounting standards for SMEs which justify the additional costs for transition.