If you have a Roland, it will analyze the chords as you play the SMF, and output and display its' best guess, usually as accurate as any software ones.
Just like MIDI notation transcription, analyzing an entire piece for the correct chords is more of an art than a science. Some pieces it is spot on, some present more difficult challenges. Passing notes can give fits to automated transcription software, as well as the fact that often, much is implied in music rather than always being cut and dried.
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An arranger is just a tool. What matters is what you build with it..!