Yakub02
Banned
Small and medium-sized entities (SMEs) which must apply the IFRS for SMEs. SMEs are entities that may not have public accountability and have the following characteristics:
Their equity and debt instruments are not traded or in the process of becoming traded. They do not hold assets in a fiduciary capacity for a broad group of outsiders as one of their primary businesses.
Their annual turnover (revenue) is not more than ₦120 million or such amount as might be fixed by the Corporate Affairs Commission as prescribed by section 394 (3) CAMA 2020.
Their total assets value is not more than ₦60 million or such amount as might be fixed by the Corporate Affairs Commission. They do not have foreign board members.
No member of the entity is a government, government agency, government corporation or a nominee of any such body. The directors hold not less than 51% of its equity share capital.
Micro-sized entities, which may use either the IFRS for SMEs or the Small and Medium-sized Entities Guidelines on Accounting (SMEGA) Level 3 issued by the United Nations Conference on Trade and Development (UNCTAD). Micro-sized entities are entities that are not public interest entities or SMEs.
Their equity and debt instruments are not traded or in the process of becoming traded. They do not hold assets in a fiduciary capacity for a broad group of outsiders as one of their primary businesses.
Their annual turnover (revenue) is not more than ₦120 million or such amount as might be fixed by the Corporate Affairs Commission as prescribed by section 394 (3) CAMA 2020.
Their total assets value is not more than ₦60 million or such amount as might be fixed by the Corporate Affairs Commission. They do not have foreign board members.
No member of the entity is a government, government agency, government corporation or a nominee of any such body. The directors hold not less than 51% of its equity share capital.
Micro-sized entities, which may use either the IFRS for SMEs or the Small and Medium-sized Entities Guidelines on Accounting (SMEGA) Level 3 issued by the United Nations Conference on Trade and Development (UNCTAD). Micro-sized entities are entities that are not public interest entities or SMEs.
