IFRS for SMEs in Lebanon
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).
