That law (Finance Bill 2009) has now been enacted by Parliament. Therefore, the accounting standards structure in Mauritius is now 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 on a proposal to extend 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 expand the scope of the IFRS for SMEs to the majority of companies based in Mauritius that are required to prepare financial statements.