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