IFRS for SMEs may be used in Jordan
13 Apr 2010
In Jordan, the Companies Law requires all public shareholding companies, general partnerships, limited partnerships, limited liability companies, private shareholding companies, and foreign companies operating in Jordan to prepare annual audited financial statements in accordance with 'internationally recognized accounting and auditing principles.'
Additionally, the Jordanian Securities Commission requires all public companies to follow full IFRSs. Consequently, all companies in Jordan (listed and unlisted) follow IFRSs. As the IFRS for SMEs is an IFRS, the IFRS for SMEs may be used by all companies other than those regulated by the Jordanian Securities Commission. No special adoption of the IFRS for SMEs is needed yet in Jordan.
