In 2009, the International Accounting Standards Board (IASB) published the IFRS Standard for SMEs, to be able to compare small and medium-sized entities around the world based on their financial information. Currently, SMEs represent 90% of companies in Colombia, being, according to The Colombian Chamber of Construction (Camacol), the construction sector the one with the highest participation with 14.8% and Cartagena the second city with the highest economic development in the country. The aim of this document is to analyze the political and financial effects of Colombian companies in the construction sector after implementing the IFRS for SMEs Standard, using the case of Cartagena as an illustrative example.