The Institute of Certified Public Accountants of Uganda (ICPAU) has adopted international financial reporting guidelines for small-and- medium-size entities (SMEs).
Gerard Mbalire Kasanya, the ICPAU executive director, said the guidelines were applicable to entities that do not have public accountability and publish general purpose financial statements.
The standard was effected on January 1.
According to a statement by ICPAU, the new financial reporting standard for small businesses was published by the International Accounting Standards Board in July last year.
Kasanya said the institute’s council had already approved the use of the guidelines.
He added that the new standard would reduce disclosure requirements for SMEs and simplify the recognition and measurement requirements for financial instruments.
SMEs get new financial reporting standard
