Cyprus has redefined SMEs and their reporting requirements

The Cyprus House of Representatives (parliament) has approved amendments to redefine SMEs in relation to the requirement for the submission of audited financial statements.

How are SMEs defined?

With the amendments, SMEs are defined as companies with net turnover not exceeding EUR 200,000 and a balance sheet total not exceeding EUR 500,000 for at least 2 consecutive years.

What changes if you fall under the SME definition?

Where these conditions are met, SMEs are allowed to submit financial statements for a limited assurance review, without the need for a full audit by a statutory auditor or audit firm.

When is it applicable?

The amendments enter into force on 1 January 2023 and apply in relation to financial statements dated 31 December 2022 and later.

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