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Accounting

What accounting requirements are there in Tanzania?

All business entities in Tanzania have been required to use the IFRSs except for the government business entities, which have been required to make use of the International Public Sector Accounting Standards (IPASs). The National Board of Accountants and Auditors of Tanzania has clarified which of those entities are now permitted to use the IFRS for SMEs, as follows:

Publicly accountable entities are required to use full IFRS, these include:

  • Entities that offer shares to public

  • Financial institutions such as banks, insurance, pension funds, mutual funds, securities, brokers/dealers

  • Entities that have essential public responsibility or provide essential public services such as utilities

  • All entities including government business entities with 100 or more employees or with capital investment in non-current assets above TShs.800,000,000 (approximately US$600,000).

Non-publicly accountable entities are permitted to use the IFRS for SMEs. These include private business entities and government business entities with less than 100 employees and capital investment of less than TShs.800,000,000. Such entities may, alternatively, use full IFRSs.

Public sector entities may use IPSASs provided that they do not qualify as publicly accountable (see above).

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