This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.

Tanzania

Financial Reporting Framework in Tanzania

Tanzania prescribes applicability of IFRS for SMEs

Since 2004, all business entities in Tanzania have been required to use IFRSs except for government business entities, which have been required to use International Public Sector Accounting Standards (IPSASs). The National Board of Accountants and Auditors of Tanzania has clarified which of those entities are now permitted to use the IFRSs for SMEs, as follows:

  • Publicly accountable entities are required to use full IFRSs. These include:
    • entities that offer shares to the public;
    • financial institutions such as banks, insurance, pension funds, mutual funds, securities brokers/dealers;
    • entities that have essential public responsibility or provide essential public service such as utilities; and
    • all entities including government business entities with 100 or more employees or with capital investment in non-current assets above TShs.800,000,000 (approximately US$600,000).
  • Non-publicly accountable entities are permitted to use the IFRS for SMEs. These include private business entities and government business entities with less than 100 employees and capital investment of less than TShs.800,000,000. Such entities may, alternatively, use full IFRSs.
  • Public sector entities may use IPSASs provided that they do not qualify as publicly accountable (see above).

Entities using IFRSs or the IFRS for SMEs must apply those pronouncements as issued by the IASB in full and without modificaiton. Click for Resolution of Tanzania National Board of Accountants and Auditors (PDF 68k).

Related news

  • G8 stress the need for transparency in the use of natural resources

  • Jun 19, 2013

  • Meeting in Lough Erne in Northern Ireland on 17-18 June 2013, the Group of Eight (G8) finance ministers discussed the themes of 'Tax, Trade and Transparency' and agreed to make sure the world’s poorest people benefit from the natural resources of their various countries by improving the transparency of their extractive industries and land rights.

  • More than 70 jurisdictions apply ISAs

  • Jul 11, 2011

  • On June 30 2011, Prof. Arnold Schilder, the Chairman of the IAASB, delivered a speech on global progress in the use of the Clarified International Standards on Auditing (ISAs) at the 2011 annual conference on Accounting and Accountability for Regional Economic Growth in Latin America and the Caribbean (referred to as CReCER after its Spanish/Portuguese acronym).

  • Tanzania will require IFRS in 2004 for listed companies

  • Nov 20, 2002

  • Effective from 1 July, 2004, the National Board of Accountants and Auditors adopted the International Financial Reporting Standards (IFRSs) and International Accounting Standards, issued by the International Accounting Standards Board (IASB), and International Standards of Auditing (ISAs), issued by the International Federation of Accountants (IFAC), as Tanzanian standards.

All Related