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.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

South Africa adopts IFRS for SMEs – first country to do so

  • South Africa Image
  • IFRS for SMEs (mid blue) Image

14 Aug 2009

At its meeting yesterday, the Accounting Practices Board of the South African Institute of Chartered Accountants voted to issue the IFRS for SMEs as a South African Statement of GAAP: IFRS for SMEs for use immediately.

The original text of the IFRS for SMEs was adopted without any change. When an auditor issues an audit report on an entity applying the new South African standard, the audit report will identify the accounting framework as the International Financial Reporting Standard for Small and Medium-sized Entities. All entities that fall within the scope of IFRS for SMEs (ie, entities that are not publicly accountable) can use the new standard. By this action, South Africa has become the first country in the world to adopt the IFRS for SMEs, which was issued by the IASB on 9 July 2009. All companies listed on the Johannesburg Stock Exchange are required to use full IFRSs. Click for more information about the IFRS for SMEs.

 

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.