Sierra Leone adopts the IFRS for SMEs
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.
