Question

What law mandate SMEs in Ghana; Small and Medium-size Enterprises to keep accounting records?.

Answer 1

All 'small and medium scale enterprises' (SMEs) , state-owned organisations, and private organisations are required to use the IFRS for SMEs starting with their financial statements for 2010.IFRSs are designed to apply to the general purpose financial statements and other
financial reporting of all profit-oriented entities. The International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs)
is issued by the International Accounting Standards Board (IASB).Section 4 sets out the information that is to be presented in a statement of
financial position and how to present it. The statement of financial position
(sometimes called the balance sheet) presents an entity’s assets, liabilities and
equity as of a specific date—the end of the reporting period.