The Institute of Certified Public Accountants of Cyprus (ICPAC) announces the appointment of the Financial Reporting Standards Setting Committee (FRSC), which has been established under the new legislation passed by the House of Representatives on 22 January 2026, with the aim of establishing a new framework for the preparation of financial statements by small-sized entities.
The FRSC will be responsible for the establishment, monitoring and review of the Financial Reporting Standard for Small Entities (FRS for SEs), which will enable small-sized entities, as defined under the Companies Law, Cap. 113, to prepare financial statements based on a simplified standard tailored to their needs.
The FRSC is composed of the following members:
- Gabriel Onisiforou, Board Member, Ernst & Young Cyprus Limited – Chair
- 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 Department, C.A Tsialoupis Limited – Member
- Niki Theodorou, Principal, DPP – Accounting, KPMG Limited – Member
- Nicolas Siakallis, Managing Director, Computantis Services Limited – Member
ICPAC also informs that a dedicated section has been created on its website, where the FRSC Terms of Reference and the Due Process Handbook for the development of the standard have been published.
It is also reminded that, according to the legislation, ICPAC is the competent authority for setting the standard, while final approval will be granted by the Minister of Finance. The implementation timeline will be determined at a later stage.
