The Institute of Certified Public Accountants of Cyprus (ICPAC) has announced the appointment of its Financial Reporting Standards Setting Committee (FRSSC), which has been established within the framework of the new legislation passed by the House of Representatives on 22 January 2026, on a new framework for the preparation of financial statements by small entities.
As noted in a relevant announcement, the FRSSC will be responsible for the establishment, monitoring and review of the Financial Reporting Standard for Small Entities (FRS for Small Entities), which will enable small entities, as defined in the Companies Law, Cap. 113, to prepare financial statements based on a simpler and tailored standard.
The ECPC is composed of the following members:
- Gabriel Onisiforou, Board Member, Ernst & Young Cyprus Limited – Chairman
- Maria Nikiforou, Head of Accounting and Financial Reporting, Bank of Cyprus Public Company Limited – Vice Chair
- Eleni Ashioti. Head of Technical and Professional Matters, ICPAC – Secretary
- Ioanna Nicolaidou, Head of Audit and Assurance Service Line, C.A Tsialoupis Ltd – Member
- Niki Theodorou, Principal, DPP - Accounting , KPMG Limited – Member
- Nicholas Shiakallis, Managing Director Consultant, Computantis Services Limited – Member
ICPAC also informs that a special area has been created on its website, where the Terms of Reference of the FRSSC, as well as the Due Process Manual for the development of the standard, have been posted.
It is recalled that, according to the legislation, ICPAC is the competent authority for determining the standard, while final approval will be provided by the Minister of Finance. The relevant implementation schedule will be determined at a later stage, the announcement concluded.
