Authorised Firm specified in (2) may prepare and maintain its financial statements in accordance with IFRS for Small and Medium-Sized Entities (SMEs) where that standard applies to it.
Authorised Firms specified for the purposes of (1) are:
Authorised Firm in Category 3B, Category 3C or Category 4, which does not hold or control Client Assets or Insurance Monies; and
Authorised Firm in Category 4 which is not authorised under its Licence to carry on the Financial Service of Operating an Alternative Trading System.
DFSA may by written notice direct that a particular Authorised Firm or a specified class of Authorised Firm specified in (2) must prepare and maintain financial statements in accordance with IFRS rather than IFRS for Small and Medium Sized Entities.
DFSA may by written notice vary or revoke a direction under (3).
(5) The procedures in Schedule 3 to the Regulatory Law apply to a decision of the
DFSA to give a direction under (3) to a particular Authorised Firm.
(6) If the
DFSA decides to give a direction under (3) to a particular Authorised Firm, the Authorised Firm may refer the matter to the FMT for review.
[Added] DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]