- National Professional Organisation Website: Mauritius Institute of Professional Accountants
- Response to IFAC Member Body Survey on Standard Setting and Regulation
Financial Reporting Framework in Mauritius – July 2011
Following the enactment of Finance Bill 2009 by the Parliament in February 2010 and amendments to the Companies Act 2001 in July 2011, the accounting standards structure in Mauritius is currently 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).
- 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