Venezuela, Lebanon, Botswana and Brazil have
all allowed domestic entities to use IFRS for SMEs.
The Federación de Colegios de Contadores
Públicos de Venezuela adopted the standards for all SMEs. It will
be voluntary for reporting periods in 2010 and mandatory for
reporting periods in 2011.
Lebanon’s Ministry of Finance has allowed
unlisted companies to use IFRS for SMEs in place of the full
Previously, Lebanese entities that had more
than 25 staff or annual turnover in excess of LBP750m ($500,000)
were required to report under IFRS.
That is now limited to companies listed on the
Beirut Stock Exchange.
More than 90% of companies in Botswana can now
use IFRS for SMEs.
All Botswanan companies had previously been
required to use full IFRS.