IFRS for SMEs news

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07 Jan 2011

Following our earlier reports of Argentina and Panama adopting the IFRS for SMEs, more news concerning the IFRS for SMEs is available:

  • Bahamas. The Council of the Bahamas Institute of Chartered Accountants (the regulatory body for the accounting profession in the Bahamas) has adopted the IFRS for SMEs as an option for all companies in Bahamas that do not have public accountability. Alternatively, the companies may choose to use full IFRSs.
  • Peru. By Resolution No. 045-2010-EF-94 (25 November 2010), the Peruvian Accounting Standards Council (Consejo Normativo de Contabilidad) has adopted the IFRS for SMEs starting 1 January 2012. It must be applied by all Peruvian companies except those whose securities are publicly traded, banks, and large unlisted companies.
  • Nepal. The Institute of Chartered Accountants of Nepal has proposed to adopt the IFRS for SMEs effective 1 July 2011.
  • Zimbabwe. The Zimbabwe Accounting Practices Board, which is the national standard-setting body, and the Public Accountants and Auditors Board, which is the regulatory board for the accounting profession in Zimbabwe, have formally adopted the IFRS for SMEs as the second accounting reporting framework for use in the country, by eligible entities, with effect from 1 January 2011.


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