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The IASB has released the third edition of IFRS for SMEs, featuring significant updates to revenue recognition (aligned with IFRS 15), fair value measurement, and business combinations (aligned with IFRS 3). Effective from January 2027, these changes target SMEs preparing general-purpose financial statements and exclude entities with public accountability. Early application is allowed, subject to jurisdictional approval.

Grant Thornton audits donor funded projects, Not for Profit entities and NGOs for statutory purposes and for Special Purpose. We also assists clients with regulatory compliance matters. Our professionals also perform expenditure verification, forensic audits and capacity audit for donors.