Sierra Leone
| Extent of IFRS application | Status | Additional Information |
|---|---|---|
| IFRS Standards are required for domestic public companies |
|
IFRS Standards required for listed companies and financial institutions. |
| IFRS Standards are permitted but not required for domestic public companies | ||
| IFRS Standards are required or permitted for listings by foreign companies |
|
Required. |
| The IFRS for SMEs Standard is required or permitted |
|
Permitted. |
| The IFRS for SMEs Standard is under consideration |
Organisation
Role of the organisation
The CSAAG sets standards under delegated authority from the Institute of Chartered Accountants of Sierra Leone (ICASL), the Audit Service of Sierra Leone (the public sector auditor), and the Ministry of Finance & Economic Development of the Republic of Sierra Leone.
More information about the role of the CSAAG may be found here:
www.ica-sl.org/index.php?option=com_content&view=article&id=14&Itemid=66
Website
CSAAG: sites.google.com/a/ica-sl.org/slaf/home-1
ICASL: www.ica-sl.org/
Email contact
Has the jurisdiction made a public commitment in support of moving towards a single set of high quality global accounting standards?
Yes.
Sierra Leone’s commitment to global accounting standards is stated here:
www.ica-sl.org/index.php?option=com_content&view=article&id=14&Itemid=66
Has the jurisdiction made a public commitment towards IFRS Standards as that single set of high quality global accounting standards?
Yes.
The CSAAG made the following statement in Composite Financial Reporting Standard for Private & Public Not For Profit Entities (CS1):
“The aims of the Council for Standards of Accounting, Auditing, and Corporate and Institutional Governance include the establishment and improvement of standards of financial accounting and reporting for the benefit of users, preparers, and the auditors of financial information in all sectors of the Sierra Leone economy. To this end, CSAAG issues or endorses accounting standards based on the work of the International Accounting Standards Board (IASB) that are primarily applicable to general purpose financial statements. In particular industries or sectors, further guidance may be required in order to implement accounting standards efficiently and effectively. This guidance is issued by CSAAG in the form of Composite Financial Reporting Standards (CSs).”
The CSAAG believes that full IFRS Standards are appropriate for financial institutions and publicly traded entities. The CSAAG recognises that there will be differential reporting requirements for small and medium-sized entities (SMEs), not-for-profits, and the public sector.
What is the jurisdiction's status of adoption?
Additional comments provided on the adoption status?
IFRS Standards are required for:
- Listed companies.
- Banks.
- Insurance companies.
- Entities not required to use full IFRS Standards or the (national) public benefit entity standard (Composite Financial Reporting Standard for Public and Private Not For Profit Entities, CS1) are permitted to use the IFRS for SMEs Standard.
A mechanism for monitoring the application of IFRS Standards was implemented in 2014 and 2015.
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?
The auditor's report and/or the basis of presentation footnotes states that financial statements have been prepared in conformity with:
IFRS Standards.
The CSAAG may consider whether to change the auditor’s report to refer to ‘IFRSs as adopted by CSAAG’.
