IFRS for SMEs news

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01 Sep 2011

Recent developments concerning the IFRS for SMEs include the following: The IFRS for SMEs has been adopted in Mauritius and a new training module and new translations are available.

IFRS for SMEs adopted: In July 2011, the Parliament of Mauritius adopted amendments to the Companies Act 2001 to permit the following classes of companies to use the IFRS for SMEs as issued by the International Accounting Standards Board (IASB):

  • a private company, other than a small private company, or public company, which does not qualify as a public interest entity as defined in the Financial Reporting Act; and
  • any group of companies which does not qualify as a public interest entity under the Financial Reporting Act.

According to Finance Bill 2009 enacted in February 2010 small state owned companies were already allowed to use the IFRS for SMEs. Please click for Act No. 20 of 2011 containing the July 2011 amendments (link to Mauritius Parliament website).

IFRS for SMEs training modules: The IFRS Foundation Education Initiative has developed a training module for Section 2 of the IFRS for SMEs Concepts and Pervasive Principles. Ultimately, the IFRS for SMEs training material will include 35 stand-alone modules – one for each section of the IFRS for SMEs. Currently, 24 modules are available. Please click for access to all training modules on the IASB's website.

IFRS for SMEs translated: Macedonian and Polish translations of the IFRS for SMEs have been completed and available for free download on the IASB's website. Translation into the following languages are still in process: Albanian, Hebrew, Japanese, Kazakh, Khmer, Mongolian, Serbian, Ukrainian.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.