The Institute of Certified Public Accountants of Cyprus (Selk) on Tursday announced the appointment of the Financial Reporting Standards Committee, marking a significant step toward creating a simplified framework for small businesses.

The specialised regulatory body was established under a new legislative act passed by the House of Representatives on January 22, 2026.

The primary objective of the newly formed body involves drafting a simplified financial framework specifically designed to ease the administrative burden of preparing corporate accounts for small business entities.

The administrative panel will take full responsibility for establishing, monitoring, and reviewing the designated financial reporting standard for small entities.

The new reporting parameters will allow qualifying enterprises, as defined under the Companies Law Capital 113, to draft their financial statements under a less complex format tailored to their operational needs.

To ensure transparency throughout the regulatory process, Selk created a dedicated space on its official website to share all relevant updates with the general public.

The online platform contains the full documentation regarding the terms of reference for the committee, alongside the complete due process manual governing how the standard will be developed.

The institute confirmed that under the newly enacted legislation, it functions as the competent authority for defining the standard across the local market.

However, the final executive approval of the framework must be formally granted by the Finance Minister before it can pass into law.

The exact timeline for the implementation of the simplified rules will be determined at a later stage, according to the official circular.

The organisational layout of the board identifies Gabriel Onisiforou as the president, who simultaneously serves as a board member of Ernst and Young Cyprus Limited.

The executive group further includes Maria Nikiforou as vice-president, holding the position of head of accounting and financial reporting at the Bank of Cyprus Public Company Limited.

The day-to-day administration will be managed by Eleni Assioti as secretary, whose permanent title is head of technical and professional matters at Selk.

The broader committee includes Ioanna Nicolaidou as a member, acting in her official capacity as head of the audit department at C.A Tsialoupis Limited.

The statutory composition of the panel is completed by Niki Theodorou as a member, a principal within the department of professional practice and accounting at KPMG Limited.

The final private sector representative is Nicholas Shiakallis as a member, who operates as the managing director of Computantis Services Limited.

The collection of corporate professionals will combine their diverse market experience to build a reliable financial reporting system for the island.

The comprehensive guidelines seek to bring the island into alignment with modern corporate standardisation practices observed across Europe.