NAC001 is still a relevant financial reporting framework in Namibia.
The requirements to apply NAC001 are stricter than for IFRS for SMEs.
See Circular 2019/01 for guidance on the use of NAC001.
The NAC001 financial reporting framework can be found under “Circulars” on the ICAN Website.
NAC001 is not appropriate for Public Interest entities.
The thresholds for revenue and total assets in the guide to NAC001 provide guidance as to which categories/sizes of entities could consider applying NAC001. Those charged with Governance may exercise their judgement in this regard. If the entity can evidence that the entity does not have public accountability despite its revenue and/or total assets exceeding the thresholds, the NAC001 may still be applied, assuming all other requirements in NAC001 are met.
Consolidation is not required in NAC001 but the Companies Act requirements with regards to group accounts still need to be complied with  See Circular 2019/12.
Where principles in NAC001 are not considered sufficient to specific transactions, management should use its judgment in developing and applying an accounting policy. Ordinarily the first point of departure for developing guidance can be found in IFRS for SMEs or alternatively full IFRS.
Note: NAC001 still requires the user to apply the IASB Framework on preparation and presentation of financial statements. Accordingly you cannot apply an accounting policy that is not in line with the framework. As an example: An engineering firm cannot choose an accounting policy to recognise Revenue when they issue the invoice if the project has significant pre-payments or other stage of completion terms (payment due on completion of the project). In these cases the entity needs to recognise work-in-progress since the entity has an asset / liability at year-end. In addition, NAC001 must be a “fair presentation framework”.