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IFRS for SMEs update for Kosovo and Pakistan

  • IFRS for SMEs (mid blue) Image

19 May 2015

The Kosovo Council for Financial Reporting (KCFR) has adopted the use of IFRS for SMEs starting 1 January 2015. As stated by KCFR, IFRS for SMEs must be used by entities that are neither large nor micro-sized.

SMEs may use full IFRS if they wish. The Administrative Instruction requiring the use of the IFRS for SMEs was approved by the Kosovo Council for Financial Reporting (KCFR) in June 2014 and is available on the Ministry of Finance's website.

In addition, the Institute of Chartered Accountants of Pakistan (ICAP) has proposed adoption of the IFRS for SMEs, which would replace the Pakistani Accounting and Financial Reporting Standards for Medium Sized Entities. A letter to that effect has been submitted to the Securities and Exchange Commission of Pakistan (SECP), however, the SECP has not yet notified the standard. Public documentation of this communication is not available.

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.