The Cyprus House of Representatives (parliament) has approved amendments to redefine SMEs in relation to the requirement for the submission of audited financial statements. 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. 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. The amendments enter into force on 1 January 2023 and apply in relation to financial...