Assess the following challenges based on how frequent they occur in the application of PFRS for

SMEs (5 as the most frequent and 1 being the least frequent):

Challenges 1 2 3 4 5
a. Lack awareness PFRS for SME

b. Lack of adequate training and skills

c. Additional cost of training

d. Absence of separation between

management and owners of business

e. Too costly to implement

f. Complexity of guidelines by PFRS for

SMEs

g. Requires more staff

h. Unwilling to change

i. Added no value to business

j. Inadequate knowledge of how to

implement PFRS for SMEs