Lesotho

Extent of IFRS application | Status | Additional Information |
---|---|---|
IFRS Standards are required for domestic public companies |
![]() |
No stock exchange. Financial institutions are required to use IFRS Standards. |
IFRS Standards are permitted but not required for domestic public companies | ||
IFRS Standards are required or permitted for listings by foreign companies | No stock exchange. | |
The IFRS for SMEs Standard is required or permitted |
![]() |
Permitted. |
The IFRS for SMEs Standard is under consideration |
Organisation
Role of the organisation
Website
Email contact
Has the jurisdiction made a public commitment in support of moving towards a single set of high quality global accounting standards?
Has the jurisdiction made a public commitment towards IFRS Standards as that single set of high quality global accounting standards?
What is the jurisdiction's status of adoption?
Additional comments provided on the adoption status?
The Companies Act of 2011 (Section 95) states that ‘the accounts of a company shall be prepared in accordance with prescribed financial reporting framework prescribed by the Lesotho Institute of Accountants’ (LIA).
The Council of the LIA voted for the adoption of IFRS Standards in 2001 and for the adoption of the IFRS for SMEs Standard in 2009, in both cases without any modifications to the standards. The Council further directed that all future amendments to standards and any additional standards will automatically be adopted.
If the jurisdiction has NOT made a public statement supporting the move towards a single set of accounting standards and/or towards IFRS Standards as that set of standards, explain the jurisdiction's general position towards the adoption of IFRS Standards in the jurisdiction.
For DOMESTIC companies whose debt or equity securities trade in a public market in the jurisdiction:
Are all or some domestic companies whose securities trade in a public market either required or permitted to use IFRS Standards in their consolidated financial statements?
If YES, are IFRS Standards REQUIRED or PERMITTED?
Does that apply to ALL domestic companies whose securities trade in a public market, or only SOME? If some, which ones?
Are IFRS Standards also required or permitted for more than the consolidated financial statements of companies whose securities trade in a public market?
For instance, are IFRS Standards required or permitted in separate company financial statements of companies whose securities trade in a public market?
For instance, are IFRS Standards required or permitted for companies whose securities do not trade in a public market?
If the jurisdiction currently does NOT require or permit the use of IFRS Standards for domestic companies whose securities trade in a public market, are there any plans to permit or require IFRS Standards for such companies in the future?
For FOREIGN companies whose debt or equity securities trade in a public market in the jurisdiction:
Are all or some foreign companies whose securities trade in a public market either REQUIRED or PERMITTED to use IFRS Standards in their consolidated financial statements?
If YES, are IFRS Standards REQUIRED or PERMITTED in such cases?
Does that apply to ALL foreign companies whose securities trade in a public market, or only SOME? If some, which ones?
Which IFRS Standards are required or permitted for domestic companies?
IFRS Standards as issued by the Board, ie standards and amendments are adopted as and when issued by the Board.
The auditor's report and/or the basis of presentation footnotes states that financial statements have been prepared in conformity with:
Does the auditor's report and/or the basis of preparation footnote allow for ‘dual reporting’ (conformity with both IFRS Standards and the jurisdiction’s GAAP)?
Are IFRS Standards incorporated into law or regulations?
If yes, how does that process work?
The Companies Act of 2011 (Section 95) states that ‘the accounts of a company shall be prepared in accordance with prescribed financial reporting framework prescribed by the Lesotho Institute of Accountants’ (LIA).
The Council of the LIA voted for the adoption of IFRS Standards in 2001 and for the adoption of the IFRS for SMEs Standard in 2009, in both cases without any modifications to the standards. The Council further directed that all future amendments to standards and any additional standards will automatically be adopted.