chiaroscuro wrote:What's the definition of SME in Kenya?
In terms of turnover.
In terms of employees.
Definition of an SME in Kenya
An SME is defined as an entity that,
a) Does not have public accountability
b) Publishes general purpose financial statements for external users eg owners not involved in day to day management; Kenya Revenue Authority; existing and potential creditors; credit rating agencies.
c) Whose debt and equity instruments are NOT traded in the public market (A domestic or foreign stock exchange or over the counter market)
AND
d) Does NOT hold funds in a fiduciary capacity for a broad group of outsiders as one of its primary businesses such as banks, credit unions, insurance companies, securities brokers/dealers, mutual funds and investment banks
SMEs will have the option to use IFRSs for SMEs or the full IFRSs
Non SMEs are Publicly Accountable entities that,
a) Have their debt and equity instruments traded in the public market (A domestic or foreign stock exchange or over the counter market)
AND/OR
b) Hold funds in a fiduciary capacity for a broad group of outsiders as one of its primary businesses such as banks, credit unions/Saccos, insurance companies, securities brokers/dealers, mutual funds and investment banks