On 9 July 2009, the International Accounting Standards Board (IASB) issued the IFRS for SMEs. This Standard provides an alternative framework that can be applied by eligible entities in place of the full set of IFRS applied by listed companies as of 2005. The main purpose of our project is to develop an effective learning system to benefit accountants, entrepreneurs and even individuals with no prior knowledge of international standards. The proposed transnational education and training project (SMEsIFRS) will include a learning manual and access to an interactive online learning environment and online assessment for all issues related to IFRS for SMEs. The Consortium is diversified and consists of a number of different organizations with experience in European programmes and specialization in the field.This partnership of researchers and vocational educators will continue to translate and transfer the SMEsIFRS - materials to enable the comparison of capabilities and update skills among accountants in Turkey, Greece, UK and Lithuania. This will promote transferability of knowledge and capabilities by providing a common framework.SMEsIFRS will be based on ISLETMEOKULU-project. ISLETMEOKULU was a project (LLP-LdV-TOI-2007-TR-043, 2007 – 2009) including three countries. The objectives of SMEsIFRS –project will be:- to disseminate the products and results of ISLETMEOKULU -project to other European counties- to complement and update the contents of ISLETMEOKULU -project by adding recent developments in accounting for SMEs given the pressure to harmonize financial reporting practice and regulation on a global basis- to compare IFRS education and training in different EU countries.- Increase mobility of teachers and accounting professionals- Improve the quality of education of accounting practices and especially IFRS.The envisaged impact of the project is without doubt significant since it will update the skills of a great number of interested user groups towards the challenge of international accounting harmonization through common financial reporting standards.