The Institute of Certified Public Accountants of Cyprus (Selk) has established the Financial Reporting Standards Committee aimed at creating a simpler financial framework for small businesses. This development follows the passage of new legislation by the House of Representatives on January 22, 2026. The committee's primary goal is to reduce the administrative load associated with corporate accounting for smaller entities by drafting a streamlined financial reporting standard.

Selk, acting as the competent authority under the new law, has set up an online platform on its official website to maintain transparency, offering public access to key documents and updates about the standard's development. The effectiveness and implementation of these simplified rules will require final approval from the Finance Minister. The committee consists of notable industry professionals, including Gabriel Onisiforou as president, and aims to align Cyprus with modern European corporate standardisation practices.