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.