In October 2014, the Uruguayan Government approved decree No. 291/14, effective for fiscal years beginning on or after 1 January 2015 with early adoption permitted.
Decree 291/014 requires the
IFRS for SMEs (at the date of the decree, translated into Spanish and published on the website of the Internal Audit Office of Uruguay) to be applied by SMEs that:
- Do not have public accountability in accordance with the provisions of Section 1 of the IFRS for SMEs.
- Annual net operating income does not exceed $U200,000 (approximately US$8,000).
- Total indebtedness to entities controlled by the Central Bank of Uruguay (CBU), in any time of year, do not exceed 5% of the Net Asset Value for Financial Accountability (a regulatory measure imposed by the CBU).
- Do not have participation of the state (as defined by a decree from 2002).
- Do not control or controlled by entities excluded by the preceding items.
The decree adds a few further requirements for those SMEs, including permitting the use of the revaluation model for property, plant and equipment (in IAS 16) and capitalisation of borrowing costs (in line with IAS 23).
SMEs meeting the requirements in paragraphs 1-5 are also permitted to apply full IFRSs instead of the
IFRS for SMEs.
For more details, click
here.
The Middle East and North Africa
Date: 12 February 2015
Location: Abu Dhabi, UAE
Instructors: Michael Wells (Director, IFRS Education Initiative, IASB)
Language: English
Sponsoring organisations: The International Arab Society of Certified Accountants (IASCA) in co-operation with UAE Accountants & Auditors Association
Asia
Date: 13 October 2015
Location: Hong Kong
Instructors include: Darrel Scott (IASB member and Chairman 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).
