Norway proposes to adopt the IFRS for SMEs

 30 October 2015

On 22 September 2015, the Norwegian Ministry of Finance issued for comment an exposure draft of a new Accounting Act for Norway. Under that proposal, companies whose securities do not trade in a regulated market would be required to use new national standards based on the IFRS for SMEs in their consolidated financial statements.

Those companies would be permitted to use the new IFRS-for-SMEs-based standards in their separate financial statements. Alternatively, they could use the existing Norwegian accounting standards developed by the Ministry of Finance in their separate financial statements.

The Ministry expects to take final action on the proposals in mid-2016. The exposure draft and related press release are available on the website of the Ministry of Finance in Norwegian only:

We have accordingly updated our website profile on the use of IFRS in Norway. You can view the profiles here.