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Yemen

Yemen Image

Financial Reporting Framework in Yemen

Yemen does not have a stock exchange, and there are no domestic accounting standards or accounting regulation. The Yemeni Association of Certified Public Accountants (YACPA) is the recognised association representing the accounting profession. The YACPA is working with the relevant governmental institutions and private sector entities to formalise the adoption of IFRS in Yemen.

So far, the following has been achieved (all links provided are external links to official Yemeni websites):

  • Order No. 2952 dated 28 July 2013 issued by the President of the Republic of Yemen directs the Prime Minister to pursue adoption of IFRS in Yemen by stating: "You are requested to instruct the quick application of International Accounting Standards (IASs) and the International Financial Reporting Standards (IFRSs)… for all companies of the public, mixed, and private sectors." (The full text of the order is not yet available in the public domain.)
  • The Central Bank of Yemen has issued a circular requiring all banking institutions to use IFRS in their published financial statements.
  • Article 107 of the Tax By-Laws requires all companies classified as large and medium-sized to prepare financial statements using IFRS (companies whose revenue exceeds YR 200,000,000).

Despite the lack of a stock exchange, the Commercial Companies Law permits companies to sell shares to the public. Those public companies are required to prepare financial statements using generally accepted accounting principles; most public companies use IFRS (as per the above) for this purpose.

Correction list for hyphenation

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