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Sierra Leone adopts the IFRS for SMEs

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25 Feb 2010

On 30 December 2009, the Council for Standards of Accounting, Auditing, Corporate and Institutional Governance (CSAAG) of Sierra Leone unanimously passed a resolution 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. Listed companies, banks, insurance companies, and other statutorily recognised financial institutions are required to apply the full IFRSs as issued by the IASB.

 

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