• National Professional Organisation Website: Mauritius Institute of Professional Accountants
• Response to IFAC Member Body Survey on Standard Setting and Regulation

Update for February 2010
Update for December 2009

• Listed companies use full IFRSs.
• State owned enterprises with revenue over 50 million rupees (about US$1.7 million) use full IFRSs.
• Some state owned enterprises with a turnover 50 million rupees or less will have the choice between full IFRS and IFRS for SMEs.
• The remaining state owned enterprises with revenue 50 million rupees or less can choose IFRS for SMEs or the Financial Reporting Framework and Standards issued under section 72 of the Financial Reporting Act. Such standards are being developed by the Financial Reporting Council of Mauritius (a proposal was published in September 2009).
• Companies in Mauritius that are not state owned enterprises and that have turnover greater than 50 million rupees must use full IFRSs.
• Companies in Mauritius that are not state owned enterprises and that have turnover 50 million rupees or less are exempted from preparing financial statements but must prepare a schedule of financial information (a summarised balance sheet and profit or loss account without notes).
• A private company, other than a small private company, or public company, which does not qualify as a public interest entity as defined in the Financial Reporting Act, and any group of companies which does not qualify as a public interest entity under the Financial Reporting Act may choose to apply the IFRS for SMEs

Mauritius adopts the IFRS for SMEs

In July 2011, the Parliament of Mauritius adopted amendments to the Companies Act 2001 to permit the following classes of companies to use the IFRS for SMEs as issued by the International Accounting Standards Board (IASB):

• a private company, other than a small private company, or public company, which does not qualify as a public interest entity as defined in the Financial Reporting Act; and
• any group of companies which does not qualify as a public interest entity under the Financial Reporting Act.

According to Finance Bill 2009 enacted in February 2010 small state owned companies were already allowed to use the IFRS for SMEs. Please click for Act No. 20 of 2011 containing the July 2011 amendments (link to Mauritius Parliament website).

IFRS for SMEs adopted for small SOEs, and proposal to extend its use in Mauritius

The Pariament has enacted Finance Bill 2009, amending the accounting requirements in Mauritius to permit the IFRS for SMEs as an option for small state-owned enterprises. Therefore, the accounting standards structure in Mauritius now is as follows:

• Listed companies use full IFRSs.
• State owned enterprises with revenue over 50 million rupees (about US$1.7 million) use full IFRSs.
• Some state owned enterprises with a turnover 50 million rupees or less will have the choice between full IFRS and IFRS for SMEs.
• The remaining state owned enterprises with revenue 50 million rupees or less can choose IFRS for SMEs or the Financial Reporting Framework and Standards issued under section 72 of the Financial Reporting Act. Such standards are being developed by the Financial Reporting Council of Mauritius (a proposal was published in September 2009).
• Companies in Mauritius that are not state owned enterprises and that have turnover greater than 50 million rupees must use full IFRSs.
• Companies in Mauritius that are not state owned enterprises and that have turnover 50 million rupees or less are exempted from preparing financial statements but must prepare a schedule of financial information (a summarised balance sheet and profit or loss account without notes).

Furthermore, there is currently a consultation processs on a proposal to expand the option to use the IFRS for SMEs to all non-state-owned companies with turnover greater than 50 million rupees but less than 200 million rupees. This will exend the scope of the IFRS for SMEs to the majority of companies based in Mauritius that are required to prepare financial statements.

Mauritius to Allow IFRS for SMEs as an Option for State-owned Entities

The Finance Bill 2009, published December 2009, would amend the accounting requirements in Mauritius to permit the IFRS for SMEs as an option for small state-owned enterprises. The Bill awaits enactment by Parliament. After enactment, the accounting standards structure in Mauritius will be as follows:

• Listed companies use full IFRSs.
• State owned enterprises with revenue over 50 million rupees (about US$1.7 million) use full IFRSs.
• Some state owned enterprises with a turnover 50 million rupees or less will have the choice between full IFRS and IFRS for SMEs.
• The remaining state owned enterprises with revenue 50 million rupees or less can choose IFRS for SMEs or the Financial Reporting Framework and Standards issued under section 72 of the Financial Reporting Act. Such standards are being developed by the Financial Reporting Council of Mauritius (a proposal was published in September 2009).
• Companies in Mauritius that are not state owned enterprises and that have turnover greater than 50 million rupees must use full IFRSs.
• Companies in Mauritius that are not state owned enterprises and that have turnover 50 million rupees or less are exempted from preparing financial statements but must prepare a schedule of financial information (a summarised balance sheet and profit or loss account without notes).