|Extent of IFRS application||Status||Additional Information|
|IFRS Standards are required for domestic public companies||IFRS Standards required for listed companies, financial institutions, and some government-owned companies.|
|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||Full IFRS Standards are required for some SMEs in which the government has an ownership interested. For all other SMEs, the IFRS for SMEs Standard is permitted.|
|The IFRS for SMEs Standard is under consideration|
In Technical Release No. 4 (see above) the Council of the ICPAK adopted IAS Standards (now known as IFRS Standards) as the financial reporting standards in Kenya effective for financial statements covering periods beginning 1 January 1999. The ICPAK Council adoption of IFRS Standards was communicated through publication in a national newspaper and through communication to the various organisations in the country.
IFRS Standards become effective on their respective effective dates as issued by the IASB Board. While the Council maintains the right to make changes to IFRS Standards, to date the ICPAK Council has not made any modifications to IFRS Standards. www.icpak.com/knowledge.php?a_id=123
The use of IFRS Standards is also required by the Nairobi Securities Exchange Listing Requirements.
No. The English Standards are used in Kenya.
All entities that are not publicly accountable and prepare general purpose financial statements are permitted to apply the IFRS for SMEs Standard. Alternatively they may use full IFRS Standards.
The ICPAK has designated certain entities as being publicly accountable. Those entities cannot use the IFRS for SMEs Standard. They must use full IFRS Standards. Publicly accountable entities include, but are not limited to: