Circular 1/2011 - Statement of Generally Accepted Accounting Practice (GAAP): International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs)

This circular addresses the following areas: Types and forms of companies in terms of the Companies Act, 1973; Classification of companies and financial reporting in terms of the Corporate Laws Amendment Act, 2006; Classifications of companies and financial reporting in terms of the Companies Act, 2008;The scope of the IFRS for SMEs; Application of the scope of the IFRS for SMEs by the APB; Effective date of the IFRS for SMEs; Entities reporting in terms of the Statement of GAAP for SMEs; Requirement to prepare consolidated financial statements; Audit reporting considerations; and Transitional arrangements.