|Extent of IFRS application||Status||Additional Information|
|IFRS Standards are required for domestic public companies||Required.|
|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 for smaller SMEs. Larger SMEs must use full IFRS Standards.|
|The IFRS for SMEs Standard is under consideration|
There is no Botswana GAAP applicable to companies with public accountability. Only IFRS Standards.
Companies that do not have public accountability (their securities are not publicly traded and they are not a financial institution) and that meet the threshold to be an ‘exempt company’ under the Botswana Companies Act may use the IFRS for SMEs Standard. An exempt company is one that satisfies all three of the following conditions:
A company that does not satisfy all three of the above conditions or that has public accountability must use full IFRS Standards. Exempt companies are permitted to use full IFRS Standards or the IFRS for SMEs Standard.