General Accounting Principles For Smaller Entities – Pocket Guide

INTRODUCTION

This pocket guide provides a summary of the recognition and measurement requirements in the Accountancy Profession (General Accounting Principles for Smaller Entities) Regulations, 2009 ("GAPSE"), that was enacted through Legal Notice 51 of 2009, and subsequently amended through Legal Notice 58 of 2010.

GAPSE has clear benefits for shareholders, lenders and other stakeholders through the application of a framework that provides an alternative standard for smaller entities that are not of the size, nor have the resources, to warrant adoption of IFRSs as adopted by the EU.

Another aim of GAPSE is to provide financial information that is more relevant to smaller entities, and that will be recognised and understood by the different stakeholders.