It is recalled that SMEs are required to comply with IFRS for SME in the year 2012 EC accounting period. To let the transition to IFRS convenient for the Small and Medium Enterprises the financial statements that the AABE accept for the year 2011 EC has to consist of
- A statement of financial position as at the reporting date (Balance Sheet)
- A statement of comprehensive income for the reporting period (Income Statement)
- A statement of changes in equity for the reporting period
- A statement of cash flow for the reporting period and
- Notes to the financial statement
Accordingly, the Board will not accept financial statement that does not satisfy the above types of financial statements.