The purpose of this article is to analyze the implications of implementing the International Financial Reporting Standards in the financial statements of a company that belongs to the lubricants sector, according to the 2014 report. The investigation carried out verifies whether or not this company (taken as a specific case for this investigation), performed the correct accounting convergence in accordance with section 35 of IFRS regarding SMEs, which indicates the procedures for this transition. The implementation of the IFRS is favorable for the company X8 because it controls assets under the Leasing modality having a purchase option that, when this is measured at fair value, produces an increase in equity, which reasonably shows the financial situation in the opening balance sheet.an increase in equity, which reasonably shows the financial situation in the opening balance sheet.