RAISING
FINANCIAL
R E P O RT I N G
S TA N D A R D S
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enior Equity Participation Strategist & Management Consultant, Mr. Peter Kamara delves into company accounts and extrapolates facts and figures from statements. The Company Act 2009 and section 29 (6) of the Banking Act of Sierra Leone and its
monetary policies were crafted by raising and aligning the reporting standards of all financial statements produced by a firm to
meet the IFRS standards. Sierra Leone is one of the countries in Sub-Sahara Africa that has fully implemented all sections of the
IFRS standards, in full compliance with IAS 29/IFRIC 7, which deals with deferred tax. This was done to create an enabling environment to attract Foreign Direct investment into the country.
Sierra Leone Is One of the Countries In Africa That Has Fully Implemented All Sections of the IFRS Standards
T
he Council for Standards of Accounting,
Auditing, Corporate and Institutional
Governance (CSAACIG) in Sierra Leone
adopted IFRS standards effectively in 2010,
from which the council passed a unanimous
resolution in 2009. The present Chair of the
CSAACIG in Sierra Leone is one of the members of the IFRS Small and Medium-sized
Entities Implementation Group (SMEIG),
which promote the application of IFRS in
non-compliance countries. Sierra Leone is a
founding member of IFRS.
The purposes of the IFRS framework is to assist its users to interpret data contained in the
financial statements and provide information
about the approach to the formulation of accounting standards.
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