The South African Institute of Chartered
Accountants (SAICA), in conjunction with W. consulting, has
developed a guide for applying IFRS for SMEs to micro entities.
The guide, aimed primarily at aiding close
corporations and companies with a public interest score below 100
points, takes the form of an electronic toolkit that comprises a
user checklist, an application guide with practical examples,
illustrative financial statements, and a disclosure checklist.
South Africa was the first country in the
world to adopt IFRS for SMEs at proposal level for use by micro
entities.
The International Accounting Standards Board
is planning to amend sections of the IFRS for SMEs standard that
are not applicable to a typical micro entity and then issue a guide
on the back of the amendments. SAICA said it will be working on the
project with the standard setter.
