Small and medium-sized entities (SMEs) in Kosovo are required to use the
IFRS for SMEs starting 1 January 2015. That requirement was adopted by the Kosovo Council for Financial Reporting (KCFR)—the accounting standard setter in Kosovo—pursuant to Law No. 04/L-014 on accounting, financial reporting and audit.
Consequently, Kosovo now has a three-tier accounting standards structure as follows:
- Large commercial companies must use full IFRS. Those are companies that meet two of the three following criteria: annual turnover (net): greater than €4,000,000; total assets greater than €2,000,000; and average number of employees greater than 50.
- Micro-sized entities must use standards developed for them by the KCFR. Micro-sized entities are those with annual turnover €50,000 or less; total assets €25,000 or less; and average number of employees not more than 10.
- SMEs must use the IFRS for SMEs. These are all business entities that are neither large nor micro sized.
SMEs and micro-sized entities may use full IFRS if they wish.
The IASB has finalised its discussions on the amendments to the
IFRS for SMEs resulting from the initial comprehensive review of the
IFRS for SMEs. The final amendments are expected to be issued in late May/early June 2015.
More information on the initial comprehensive review is available on the
SME webpages of the IASB website (
www.ifrs.org).
For more details, click
here.
Eastern Europe
Date: 16 to 18 September 2015
Location: Pristina
Instructors: Darrel Scott (IASB member and Chairman of the IASB’s SME Implementation Group) and Michael Wells (Director, IFRS Education Initiative, IASB)
Language: English
Sponsoring organisations: Society of Certified Accountants and Auditors of Kosovo (SCAAK)
Asia
Date: 13 October 2015
Location: Hong Kong
Instructors include: Darrel Scott, Fanny Hsiang (Director, Head of Technical & Training Department, BDO and member of the IASB’s SME Implementation Group) and Michael Wells
Language: English
Sponsoring organisations: Hong Kong Institute of Certified Public Accountants (HKICPA)
Here is the current status of the
IFRS for SMEs translations that have been approved by the IFRS Foundation:
Completed: Albanian*, Arabic, Armenian*, Bosnian*, Bulgarian*, Chinese (simplified)*, Croatian*, Czech*, Estonian*, French*, Georgian, German, Hebrew*, Italian*, Japanese*, Kazakh*, Khmer*, Lithuanian*, Macedonian*, Mongolian*, Polish*, Portuguese*, Romanian*, Russian*, Serbian, Spanish*, Turkish* and Ukrainian*.
In progress: Azeri and Turkmen.
*Available for free download
here (for translations not marked with an * please see our
webshop for details on how to purchase a hard copy).
