Nepal Financial Reporting Standards (NFRS) for SMEs & NAS for MEs

Nepal Financial Reporting Standards (NFRS) have been made applicable to Small and Medium-sized Entities (SMEs). The Accounting Standards Board of Nepal approved and issued the Nepal Financial Reporting Standard for Small and Medium-sized Entities (NFRS for SMEs). According to the ASBN, SMEs are entities that:

Do not have public accountability, and
Publish general-purpose financial statements for external users.