THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA)
ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) FOR SMALL AND MEDIUM-SIZED ENTITIES (SMEs)
The adoption of IFRS for SMEs in Ghana was officially announced in January 2012. Small and Medium-Sized entities as described in Section 1 of the Standard were expected to adopt IFRS for SMEs for financial periods ending on or after 31 December 2013.
Subsequent to the announcement, a two year moratorium was granted by the Institute of Chartered Accountants (Ghana) (ICAG) which extended the compliance date to financial periods ending on or after 31 December 2015. By this notice therefore, ICAG announces for the information of the general public and preparers of financial statements that Ghana National Accounting Standards (“GNAS”) will be withdrawn with effect from 31 December 2015.