The Institute of Chartered Accountants of
Namibia (ICAN) has adopted the International Accounting Standards
Board’s (IASB) IFRS for SMEs for use by non-public interest
entities.

IFRS for SMEs will be adopted as a statement
of Namibian GAAP.

The statement of GAAP will also include a
basis for conclusion on IFRS for SMEs and implementation
guidance.

The adoption is effective immediately.