Circular 9/2007 - Statement of Generally Accepted Accounting Practice for Small and Medium-sized Entities (SMEs

This circular addresses the following areas: • Current and future classifications of companies in the context of the corporate law reform process; • The scope and effective date of the Statement of GAAP for SMEs; • Financial reporting frameworks for ‘limited interest companies’; • Development of the Statement of GAAP for SMEs; • Some areas to be aware of in applying the Statement of GAAP for SMEs; and • Audit reporting considerations.