Financial Reporting Framework in Namibia
All domestic listed companies in Namibia are required to comply with IFRSs effective 1 January 2005 under the requirements of the Namibian Stock Exchange Act. Unlisted Namibian companies have the option to use IFRSs or Namibian GAAP. Namibia is working to harmonise national GAAP with IFRSs by 31 December 2007.
IFRS for SMEs
By Resolution of its Council (PDF 330k), the Institute of Chartered Accountants of Namibia has adopted the IFRS for SMEs for use in Namibia for financial statements authorised for issue after 17 February 2010. Applicability is as follows:
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.