|Extent of IFRS application||Status||Additional Information|
|IFRS Accounting Standards are required for domestic public companies||IFRS Standards required for listed companies, financial institutions and government-invested companies.|
|IFRS Accounting Standards are permitted but not required for domestic public companies|
|IFRS Accounting Standards are required or permitted for listings by foreign companies||Required.|
|The IFRS for SMEs Accounting Standard is required or permitted||Permitted, except that some private companies with State investments are required to use full IFRS Standards.|
|The IFRS for SMEs Accounting Standard is under consideration|
Profile last updated: 21 November 2016
Institute of Certified Public Accountants of Uganda (ICPAU)
The ICPAU is the official accountancy standard-setting body in Uganda. The ICPAU is mandated by the Accountants Act, 2013, to:
regulate and maintain the standards of accountancy in Uganda; and
prescribe and regulate the conduct of accountants and practising accountants in Uganda.
The ICPAU therefore determines the applicable financial reporting and auditing standards for use in Uganda.
Uganda has already adopted IFRS Standards for all or some companies.
In 1998, the Council of the ICPAU adopted IFRS Standards (then known as IAS Standards) issued by the Board as the national standards of Uganda. The ICPAU Council adoption of IFRS Standards was communicated through publication in a national newspaper and through communication to the various organisations in the country.
IFRS Standards become effective on their respective effective dates as issued by the Board. While the Council maintains the right to make changes to IFRS Standards, to date the ICPAU Council has not made any modifications to IFRS Standards.
All domestic companies whose securities trade in a public market are required to use IFRS Standards.
Some companies whose securities are not publicly traded are required to use full IFRS Standards. Others are required to use either full IFRS Standards or the IFRS for SMEs Standard. Details may be found in the "Application of the IFRS for SMEs Standard" section of this profile.
All foreign companies whose securities trade in a public market are required to use IFRS Standards.
IFRS Standards as issued by the Board, ie standards and amendments are adopted/endorsed as and when issued by the Board.
The ICPAU is mandated by the Accountants Act, 2013, to regulate and maintain the standards of accountancy in Uganda. The Council of the ICPAU has adopted IFRS Standards.
IFRS Standards were adopted at one point in time (1998). Officially, all amendments or new standards and interpretations are automatically applicable as and when they are issued by the Board. However, the Council maintains the right to make modifications to IFRS Standards if needed. To date ICPAU Council has not made any modifications to the IFRS Standards.
Copies of the IFRS Standards are purchased by the ICPAU from the IFRS Foundation and subsequently made available to the public.
No. The English Standards are used.
Uganda has adopted the IFRS for SMEs Standard without any modifications.
The ICPAU has designated certain entities as being publicly accountable. These entities cannot use the IFRS for SMEs Standard. They must use full IFRS Standards. Publicly accountable entities include, but are not limited to:
entities whose debt or equity instruments are traded in a public market (a domestic or foreign stock exchange or an over-the-counter market, including local and regional markets), or are in the process of issuing such instruments for trading in a public market;
entities that hold assets in a fiduciary capacity for a broad group of outsiders as one of its primary businesses;
public organisations that are owned in whole or in part by the State or that are otherwise controlled directly or indirectly by the State; and
private organisations in which the State has a non-controlling equity interest.
All entities that are not publicly accountable and prepare general purpose financial statements are permitted to apply the IFRS for SMEs Standard.
SMEs that do not use the IFRS for SMEs Standard use full IFRS Standards.