Tanzania migrated to International Financial Reporting Standards (IFRSs) and International Standards on Auditing (ISAs) with effect from 1^st July, 2004 and therefore, every commercial entity in the country, whether small or large, was required to prepare its financial statements in accordance with the IFRSs as the case may be.

Following the issuance of sufficient number of International Public Sector Accounting Standards (IPSASs) by the International Public Sector Accounting Standards Board (IPSASB) and independent International Financial Reporting Standards for Small and Medium-sized Entities (IFRSs for SMEs) by the International Accounting Standards Board (IASB) in July, 2009, NBAA issued Technical Pronouncement No. 3 of 2009 on the scope of applicability of IFRSs, IPSASs and IFRS for SMEs.

The NBAA Governing Board in its 173^rd meeting approved the Financial Reporting Standards for Micro Entity (FRSME).

NBAA (the Board) would like to inform the public that the scope of applicability of these financial reporting standards will be as indicated in the link below.

Technical Pronouncement No. 1 of 2018