Note 1 This country is an EU/EEA member state. The audit report and basis of presentation note refer to compliance with "IFRSs as adopted by the EU". The EU has adopted virtually all IFRSs, though there is a time lag in adopting several recent IFRSs and one aspect of IAS 39 was modified. The modification affects approximately 50 EU banks following IFRSs (as adopted in the EU). The EU is also permitting the issuance of separate company financial statements marked as complying with IFRSs as adopted in the EU in circumstances contradictory to IAS 27. Click for Latest Information on which of the EU and EEA members use this option.

Note 2 Australia and New Zealand have adopted national standards that they describe as IFRS-equivalents. Those standards include the requirement from IAS 1.14 that "an entity whose financial statements comply with IFRSs shall make an explicit and unreserved statement of such compliance in the notes". In both countries this statement is made in the audit report.

Note 3 Hong Kong has adopted national standards that are identical to IFRSs, including all recognition and measurement options, but in some cases effective dates and transition are different. Companies that are based in Hong Kong but incorporated in another country are permitted to issue IFRS financial statements rather than Hong Kong GAAP statements.

Note 4 By law, all Uruguayan companies must follow IFRSs existing at 31 July 2007. There are also a few additional local standards that must be complied with. The auditor's report refers to conformity with Uruguayan GAAP.

Note 5 Listed companies in Turkey are permitted to follow IFRSs in one of two ways due to delays in translating IFRSs into Turkish: A listed company can follow the full English version of IFRSs as published by the IASB, in which case the audit report and basis of presentation footnote make an explicit statement of compliance with International Financial Reporting Standards. A listed company can follow the Turkish translations of IFRSs. Because of translation delays, these companies do not comply with IFRSs, and the audit report and basis of presentation footnote state that the financial statements comply with "IFRSs as adopted for use in Turkey".

Note 6 All banks and insurance companies listed on the Saudi Stock Exchange must use IFRSs.

Note 7 Canada has adopted a plan to adopt IFRSs in full as Canadian Financial Reporting Standards effective 2011. Companies are permitted to begin using IFRSs as early as 2008 on approval of their provincial securities regulator.

Note 8 Since April 2010, the Securities Exchange Board of India (SEBI) has provided an option to listed entities having subsidiaries to submit their consolidated financial results either in accordance with the accounting standards specified in section 211(3C) of the Companies Act, 1956, or in accordance with IFRS (with required reconciliations). Submission of separate financial results to the stock exchanges will continue to be in accordance with Indian GAAP. The IFRS converged Indian Accounting Standards (referred to as Ind AS) have been issued but the effective application date of these standards has been deferred without any new date being notified. According to the Ministry of Corporate Affairs any new effective date will be announced after taking into consideration the effects of Ind AS on income taxes and other laws and regulations are evaluated. Currently issued Ind AS may be subject to further amendments.

Note 9 [Not used]

Note 10 On 14 November 2008, the US SEC published for comment a proposed Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by US Issuers. Currently, domestic US SEC registrants are required to use US GAAP and are not permitted to use IFRSs.

Note 11 In adopting IFRSs as Philippines Financial Reporting Standards (PFRSs), various modifications were made to IFRSs including the following 'transition relief': Reduced segment reporting disclosures Exemption from applying tainting rule for a specific set of financial instruments Commodity derivative contracts of mining companies as of 1 January 2005 'grandfathered' Insurance companies allowed to use another comprehensive set of accounting principles (also described as Philippine Financial Reporting Standards) For banks, losses from sale of non-performing assets allowed to be amortised over a period of time Some additional changes to IASB's pension, foreign exchange, and leases Standards

Note 12 On 11 Dec 2009, the Financial Services Authority of Japan (FSA) published final Cabinet Office Ordinances that allow some Japanese public companies voluntarily to start using IFRSs designated by the Commissioner of the FSA in their consolidated financial statements starting from the fiscal year ending 31 March 2010. For details on which companies are eligible, and what special disclosures are required, please see our Japan Country Page. The audit report refers to conformity with either IFRSs or IFRSs designated by the FSA of Japan, depending on a status of designation. If the designated IFRSs is the same as effective IFRSs, the audit report should refer to IFRSs while if not (for example, delay in designation etc.), a reference should be made to IFRSs designated by the FSA of Japan.

Note 13 Singapore has adopted most IFRSs essentially word for word as Singapore equivalents of IFRSs. However, they have made changes to the recognition and measurement principles in several IFRSs when adopting them as Singapore standards, and they have not adopted several other IFRSs. In May 2009 the government announced Singapore Financial Reporting Standards will be fully converged with IFRSs by 2012. The fully-converged standards would apply to all Singapore-incorporated companies listed on the Singapore Stock Exchange.

Note 14 The new Chinese Accounting Standards for Business Enterprises (CAS) were published by the Ministry of Finance (MoF) in 2006 and became effective on January 1, 2007. These standards are substantially converged with IFRSs, except for certain modifications (e.g. disallow the reversal of impairment loss on long term assets) which reflect China's unique circumstances and environment. In April 2010, the MoF released the roadmap for continuing convergence of CAS with IFRSs. China has made a commitment to convergence with IFRSs. Standard convergence is an ongoing process and the MoF is continuing to spend significant effort on the ongoing convergence between CASs and IFRSs. The CASs are now mandatory for entities including PRC-listed companies, financial institutions (including entities engaging in securities business permitted by China Securities Regulatory Commission), certain state-owned enterprises, private companies in certain provinces. In the roadmap, the MoF has indicated its intention to have all large and medium-sized enterprises (regardless whether they are listed companies or private companies) adopt the new CAS by 2012. In December 2007, the HKICPA recognized CAS equivalence to HKFRS, which are identical to IFRSs, including all recognition and measurement options, but have in some cases different effective dates and transition requirements. From then the CASC and HKICPA together with IASB created an ongoing mechanism to reinforce continuously such equivalence. In December 2010, the Hong Kong Stock Exchange decided to allow mainland-incorporated companies listed in Hong Kong to have an option to present financial statements using CASs and audited by an approved mainland audit firm. A number of such companies have chosen to present financial statements using CASs for annual reporting. The EU Commission permits Chinese issuers to use CAS when they enter the EU market without adjusting financial statement in accordance with IFRS endorsed by EU.

Note 15 The Eastern Caribbean Securities Exchange (ECSE) is a regional securities market located in St Kitts. It is designed to facilitate the buying and selling of financial products – including corporate stocks and bonds and government securities – for the eight member territories of Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines.

Note 16 Malaysia has announced a plan to 'bring Malaysian GAAP into full convergence with IFRSs effective 1 January 2012.

Note 17 On 11 November 2008, the Mexican Securities and Exchange Commission (Comision Nacional Bancaria y de Valores, or CNBV) announced that all companies listed on the Mexican Stock Exchange will be required to use IFRSs starting 2012. Listed companies will have the option to use IFRSs earlier – starting as early as 2008 – subject to requirements that will be established by the CNBV.

Note 18 On 14 May 2009, the Financial Supervisory Commission (FSC) of Taiwan announced its roadmap for the full adoption of IFRSs in Taiwan. Taiwan has adopted a plan to adopt IFRSs in two phases. Phase I companies (listed companies and financial institutions supervised by the FSC, except for credit cooperatives, credit card companies, and insurance intermediaries) will be required to adopt Taiwan-IFRS starting 2013. Early adoption in 2012 is optional for companies that have already issued securities overseas, or have registered an overseas securities issuance with the FSC, or have a market capitalisation of greater than NT$10 billion. Phase II companies (unlisted public companies, credit cooperatives, and credit card companies) will be required to adopt Taiwan-IFRS starting 2015, with optional early adoption starting 2013. Foreign issuers listing in Taiwan (either primary listing or secondary listing) may use IFRSs. However, GAAP difference (IFRSs vs. Taiwanese GAAP) should be provided and reviewed by auditors.

Note 19 In 2004, the Venezuelan Federation of Certified Public Accountants adopted IFRSs as they existed in 2004 as Venezuelan accounting standards. They were required for listed companies in 2005, for large unlisted companies in 2006, and for other companies starting 2007. Currently, Venezuela has not adopted any of the IFRSs or amendments to IASs that have been issued since 2004.

Note 20 A February 2010 resolution of the Institute of CPAs of the Dominican Republic provides for a gradual implementation of IFRSs for listed companies, with some standards mandatory starting in 2010 while others are phased in up to 2014.

Note 21 On 28 July 2010, the Nigerian Federal Executive Council approved 1 January 2012 as the effective date for convergence of accounting standards in Nigeria with International Financial Reporting Standards (IFRS). The Council has directed the Nigerian Accounting Standards Board (NASB), under the supervision of the Nigerian Federal Ministry of Commerce and Industry, to take further necessary actions to give effect to Councils' approval.

Note 22 Credit institutions, insurance and re-insurance companies can choose between IFRSs as adopted by the EU and Luxembourg accounting principles, both in separate and consolidated financial statements. All other entities need to obtain the approval of the Luxembourg Ministry of Justice to prepare separate or consolidated financial statements in accordance with IFRSs as adopted by the EU. The Ministry of Justice grants the derogation on the reasoned opinion of the Commission des Normes Comptables ('CNC', the Luxembourg Accounting Standards Board). In early 2009, a draft law was introduced by the Luxembourg authorities, proposing the introducing of IFRSs for commercial companies. Accordingly, it is anticipated that IFRSs will be introduced into the Luxembourg commercial law as an alternative to the current Luxembourg accounting principles in due course.

Note 23 Although IFRS is not required for unlisted companies other than banks, it is a considered best practice for these companies to adopt IFRSs.

Note 24 Libyan stock market regulations require the use of IFRSs for all listed companies and the Libyan Banking Law requires the use of IFRSs for all commercial banks, however, it is our understanding that practice has yet to apply IFRSs.

Note 25 On 13 July 2009, the Congress of the Republic of Columbia enacted Law No. 1314 concerning accounting, financial reporting and assurance. This law is called the "Law of Convergence". It states the intention to converge Colombian GAAP with international standards (probably IFRSs and ISA) beginning from the year 2014 (proposed start year). However, the practical details of this convergence are still to be determined.

Note 26 IFRSs or Standards that differ from IFRSs to a certain degree required for some: Since 2004, in addition to the Russian statutory financial statements, banks in Russia are required to prepare IFRS standalone financial statements. Other: On 25 February 2011, the Russian government signed off an IFRS endorsement procedure. According to the procedure, on 25 November 2011 the Russian Ministry of Finance has endorsed all existing IFRSs, SICs and IFRICs for use in Russia, except for IFRS 9-13 and IFRIC 20. In its further endorsement decisions for particular standards, the Ministry of Finance will rely on recommendations of a non-governmental expert committee (the National Council on Financial Reporting Standards) and consultations with the Central Bank and the Federal Committee on Securities Markets (FCSM). The supervisory functions over IFRS implementation in Russia are delegated to the FCSM (the Central Bank – for banks). Consolidated financial statements under IFRS will be required for public interest entities (PIEs). PIEs are defined as: companies with securities traded at stock exchanges, banks and insurance companies. However, the scope of the law is in fact broader as it indicates that “if other Russian laws require preparation/filing/publication of consolidated financial statements, such statements should be prepared according to IFRS.” Therefore, for example, those PLCs that issued their shares by means of open subscription (public offering) to a wide group of investors – even if the shares are not traded — will fall under the requirement to prepare consolidated financials under IFRS. The date of transition to IFRSs will be 1 January 2011, with the first full set of IFRS financial statements covering 2012 calendar year (with 2011 comparatives), for the following entities (if first-time adopters): Lending agencies (banks, etc.) Insurance companies Entities with securities traded on stock exchanges/trading systems. Issuers with non-traded securities - with prospectuses registered by the FCSM for: public offerings (open subscription) of securities, or private sale (closed subscription) of securities to > 500 investors (unless an issuer has < 500 shareholders and an exemption from filing is approved by > 3/4 of shareholders and by the FCSM).* * For those in category 3 but: a) Only due to traded bonds; or b) Already preparing financial statements under US GAAP the date of transition to IFRSs will be 1 January 2014, with the first full set of IFRS financial statements covering 2015 calendar year (with 2014 comparatives). Under Russian Law the consolidated annual IFRS financial statements should be audited, presented to the shareholders and filed with the FCSM (or the Central Bank for banks) within 120 days from the year end (approximately by May 1 of the following year). There is also a requirement to publish (e.g., in the Internet) such financial statements. Please note that IFRSs in Russia does not replace national financial reporting standards – preparing consolidated financial statements under IFRSs does not lift the requirement to prepare standalone financial statements under the Russian statutory rules.

We are seeking information on the following jurisdictions. If you can help us with missing data, please Send Us an Email.

		Domestic Listed Companies					.	Domestic Unlisted Companies
Code	Jurisdiction	IFRSs Not Permitted	IFRSs Permitted	IFRSs Required for Some	IFRSs Required for All	Audit Report States Compliance With IFRS	.	Use of IFRSs by Unlisted Companies
AF	Afghanistan						.
AD	Andorra						.
AO	Angola						.
CM	Cameroon						.
CF	Central African Republic						.
TD	Chad						.
CG	Congo						.
CD	Democratic Republic of the Congo						.
DJ	Djibouti						.
GQ	Equatorial Guinea						.
ET	Ethiopia						.
GA	Gabon						.
GN	Guinea						.
GW	Guinea-Bissau						.
KP	Korea (North)						.
MC	Monaco						.
RW	Rwanda						.
SC	Seychelles						.
SO	Somalia						.
SD	Sudan						.
TO	Tonga						.
TC	Turks and Caicos Islands						.
EH	Western Sahara						.