LATEST UPDATE

Frequently Asked Questions (FAQ) on IFRS for SMEs Published

SAICA issued an FAQ, Applicability of IFRS Accounting Standards, to entities applying the IFRS for SMEs Accounting Standard, in October 2024. This FAQ clarifies the applicability of new IFRS Accounting Standards, amendments to IFRS Accounting Standards and IFRIC agenda decisions, when issued for entities preparing financial statements, in terms of the IFRS for SMEs Accounting Standard.

This FAQ replaces FAQ – Applicability of IFRS 9 – Financial Instruments, IFRS 15 – Revenue from Contracts with Customers and IFRS 16 – Leases to entities applying the IFRS for SMEs standard.

The FAQ is available on: https://www.saica.org.za/resources/253468