IFRS for SMEs in Lebanon

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  • IFRS for SMEs (mid blue) Image

07 Mar 2010

Unlisted Lebanese companies can use the IFRS for SMEs.

Lebanese Ministerial Order No. 1/6258, dated 21 August 1996 and issued by the Minister of Finance, requires the following types of entities in Lebanon to use International Accounting Standards (now IFRSs):
  • All holding, offshore, limited liability, and joint stock companies, regardless of type, size, and number and turnover of employees;
  • All branches of foreign companies operating in Lebanon; and
  • All sole proprietorships and partnerships whose total number of employees exceeds 25 or that have annual turnover above LBP750 million (US$500,000).
Because the IFRS for SMEs is an IFRS, unlisted companies now have the option of using full IFRSs or the IFRS for SMEs, and many are choosing to follow the IFRS for SMEs. Companies listed on the Beirut Stock Exchange must use full IFRSs.


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