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Small and medium-sized entities and FIRS
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[QUOTE="Yakub02, post: 303629, member: 94426"] 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. [/QUOTE]
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