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1.1 Council of the Institute has decided that the IFRS for SMEs may be applied by:
a 'public company' or a 'private company', as defined in the Companies Act,
1973 if it does not have public accountability as defined in Section 1 of the IFRS
for SMEs.
1.2 For entities other than companies where the founding document or other
regulation requires compliance with a 'fair presentation framework' as
contemplated by the International Federation of Accountants ('IFAC') the IFRS
for SMEs may be applied, if the entity does not have public accountability as
defined in Section 1 of the IFRS for SMEs, except in the circumstances
described in 1.4 below.
1.3 For entities where legal provisions or other regulations require compliance with
a specific financial reporting framework (other than the IFRS for SMEs), such
an entity may not apply the IFRS for SMEs even if it does not have public
accountability as defined in Section 1 of the Statement of IFRS for SMEs.
1.4 For entities whose financial reporting framework is not set out by legal
provisions, the founding statement or other regulations, if such an entity does
not have public accountability, as defined in Section 1 of the Statement of IFRS
for SMEs, it should assess whether it is appropriate to apply the IFRS for
SMEs.
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