Question: ? 1 . ?With regards to IFRS 1 , ?what does SME refer to , ?and what is the significance with regard to financial reporting

?1. ?With regards to IFRS 1, ?what does SME refer to, ?and what is the significance
with regard to financial reporting standards?
2. ?Why do countries have their own unique set of financial reporting practices?
Please explain in detailed and as long as possible

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