Using a sample of 100 companies from a small island economy (Mauritius), this paper for the first time investigates IFRS conversion cost by dividing it into three main elements, namely; training cost, IFRS software cost and outsourcing cost and then observe their behaviour by using the Pearson correlation test. The outcomes of this study are that despite Mauritius Accounting Standards (MAS) were Anglo-Saxon based and IAS adapted all the preparers of accounts had recourse to training including new accounting software and some had recourse directly to external experts by outsourcing their IFRS tasks. This study also confirms that though many of the preparers invested in a new software, yet training on IFRS contents and software cost are negatively correlated and where the companies have outsourced the IFRS tasks, training and software cost have been low.