This document aims to reveal the knowledge of international financial reporting standards (IFRS) in accounting professionals who practice in small and medium-sized entities (SMEs) of Villavicencio and weaknesses in their application for the first time. Understanding that the initial implementation of the IFRS demands a preparation process from companies, where the training and knowledge of the public accountant, as basic elements of competence and professional diligence, constitute fundamental elements for its realization. The methodology responds to a mixed study of explanatory-exploratory scope, for which 81 surveys and 36 semi-structured interviews were applied. The results show the training required in the newly graduated professionals and weaknesses that limit the initial application of the IFRS in the other accountants. Some peculiarities of the process in the SMEs are also proposed, which provide elements of discussion for the Accounting professionals and the development of the discipline.