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Sierra Leone

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Financial Reporting Framework in Sierra Leone

Listed companies, banks, and insurance companies (and statutorily recognised financial institutions in general) are required to apply the full IFRS as issued by the IASB.

On 30 December 2009, the Council for Standards of Accounting, Auditing, Corporate and Institutional Governance (CSAAG) of Sierra Leone unanimously passed a Resolution (PDF 69k) adopting the IFRS for SMEs for profit seeking entities that fall outside its conditions for the application of full IFRSs. The IFRS for SMEs is voluntary (that is, permitted) for reporting periods commencing 1 January 2010 and is mandatory (required) for reporting periods commencing 1 January 2011.

CSAAG has also adopted a separate not-for-profit/public-benefit-entity standard based on the UK SORP 2005 for Charities.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.