IFRS for SMEs update for Kosovo and Pakistan
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.
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.