IAS Plus - Use of IFRSs by Jurisdiction - Domestic Listed and Unlisted Companies

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The table below summarises our understanding of the use of International Financial Reporting Standards as the primary GAAP by domestic listed and unlisted companies in their consolidated financial statements for external financial reporting. This means that the basis of presentation note and auditor's report indicate that the financial statements are prepared on the basis of IFRSs.

This Website and the information herein (the 'Website') is provided by Deloitte Touche Tohmatsu. The Website contains general information only regarding the use of International Financial Reporting Standards (IFRSs) by jurisdiction. This Website does not provide an exhaustive treatment of IFRSs by jurisdiction and is provided for informational purposes only with the understanding that you will read and adhere to the Conditions of Access contained herein. None of Deloitte Touche Tohmatsu, its member firms, or its or their affiliates (together, the 'Deloitte Entities') is, by means of this Website, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This Website is not a substitute for such professional advice or services; nor should it be used as a basis for any decision or action that may affect your finances or your business. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser.

If you have additions or corrections to this table, please Send Us an Email. If possible, please include links to, or citations of, documents from which the information can be verified.

Following this table is a List of jurisdictions for which we are seeking information.

This page last updated 1 June 2009.

Many jurisdictions that maintain their own local GAAP claim that their local GAAP is "based on" or "similar to" or "converged with" IFRSs. In some cases the wording changes seem minor, and in other cases the wording is quite different. Sometimes, the jurisdiction's local GAAP is not in English. Often, not all IASs/IFRSs have been adopted locally. Often there is a time lag in adopting an IFRS as local GAAP. We are not in a position to compare national or regional GAAPs to IFRSs in detail. Therefore, this table only reports direct use of IFRSs in individual countries or regions. Direct use means that the basis of preparation note and the auditor's report will refer to conformity with IFRSs.

For unlisted companies, "IFRSs required for all" means that if an unlisted company is required or chooses to prepare general purpose financial statements, it must use IFRSs. It does not necessarily mean that all unlisted companies in that jurisdiction are required to prepare IFRS financial statements.

Note: Click Here or Scroll Down to End of Table for column totals.
		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
AE	Abu Dhabi – United Arab Emirates				X	Yes	.
AL	Albania	No stock exchange in Albania					.	IFRSs not permitted
DZ	Algeria	No stock exchange in Algeria					.	IFRSs not permitted
AS	American Samoa	No stock exchange in American Samoa					.	IFRSs permitted
AI	Anguilla				X ^{Note 15}	Yes	.
AG	Antigua and Barbuda				X ^{Note 15}	Yes	.
AR	Argentina	X					.	IFRSs not permitted
AM	Armenia				X	Yes	.	IFRSs required for all
AW	Aruba		X			Yes	.
AT	Austria				X^{Note 1}	No. 'As Adopted by EU'	.	IFRSs permitted in consolidated statements, prohibited in separate statements.
AU	Australia				X^{Note 2}	Yes	.	Australian IFRS equivalents required for some large unlisted, permitted for others.
AZ	Azerbaijan			X		Yes	.	Separate IFRS financial statements required for banks (listed and unlisted) and, starting 2008, for large state-owned enterprises. For others, IFRSs permitted.
BS	Bahamas				X	Yes	.
BH	Bahrain				X	Yes	.	IFRSs required for all
BD	Bangladesh	X					.
BB	Barbados				X	Yes	.
		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
BE	Belgium				X^{Note 1}	No. 'As Adopted by EU'	.	IFRSs required in consolidated statements of unlisted banks and credit institutions, permitted for other companies. IFRSs not permitted in separate company statements.
BY	Belarus			X Banks starting 2008		Yes	.	IFRSs required for banks
BZ	Belize	No stock exchange in Belize.					.	Unlisted companies may use IFRSs or other internationally accepted standards (particularly US GAAP or Canadian GAAP).
BJ	Benin	X					.	IFRSs not permitted
BM	Bermuda		X			Yes	.
BT	Bhutan	X					.
BO	Bolivia		X			Yes	.
BA	Bosnia and Herzegovina				X (all large and medium sized)	Yes	.
BW	Botswana				X	Yes	.	IFRSs permitted
BR	Brazil				All listed companies and all financial institutions starting 2010. Optional for listed companies prior to 2010.	Not yet announced	.	IFRSs not permitted
		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
BN	Brunei Darussalam	No stock exchange in Brunei					.	IFRSs are permitted but not often used
BG	Bulgaria				X^{Note 1}	No. 'As Adopted by EU'	.	IFRSs required in both the consolidated and separate company financial statements of unlisted financial institutions and all large unlisted limited liability entities. Other unlisted companies are permitted to use IFRSs.
BF	Burkina Faso	X					.	IFRSs not permitted
KH	Cambodia	No stock exchange in Cambodia.					.	IFRSs permitted
CA	Canada				X (starting 2011)^{Note 7}	No	.	IFRSs not permitted
KY	Cayman Islands		X			Yes	.
CL	Chile				X (starting 2009)	Yes	.	IFRSs required starting 2009.
CN	China	X^{Note 14}					.	IFRSs not permitted
CI	Cote D'Ivoire (Ivory Coast)	X					.	IFRSs not permitted
CO	Colombia	X					.	IFRSs not permitted
		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
CR	Costa Rica				X	Yes	.	IFRSs required for all
HR	Croatia (Hrvatska)	X^{Note 6}					.	IFRSs as described in Note 6 are required for all financial institutions and large unlisted companies, permitted for others.
CU	Cuba	X					.	IFRSs not permitted
CY	Cyprus				X^{Note 1}	No. 'As Adopted by EU'	.	IFRSs required for all
CZ	Czech Republic				X^{Note 1}	No. 'As Adopted by EU'	.	IFRSs permitted in consolidated statements, prohibited in separate company statements
DK	Denmark				X^{Note 1}	No. 'As Adopted by EU'	.	IFRSs permitted in both consolidated and separate company statements
DM	Dominica		X			Yes	.
DO	Dominican Republic				X	Yes	.	IFRSs required for all
AE	Dubai – United Arab Emirates				X	Yes	.	IFRSs required for all banks.
EC	Ecuador				X Phase-in 2010-2012	Yes	.	IFRS required for some in 2011, all in 2012
EG	Egypt				X	Yes	.
SV	El Salvador		X			Yes	.
ER	Eritrea	No stock exchange in Eritrea					.	IFRSs are required for Government-owned enterprises, newly privatised companies (large taxpayers, or 'LTOs'), banks, and insurance companies.
		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
EE	Estonia				X^{Note 1}	No. 'As Adopted by EU'	.	IFRSs required in both consolidated and separate financial statements of financial institutions. IFRSs permitted in both consolidated and separate statements of other companies.
FJ	Fiji				X	Yes	.	IFRSs required for government majority owned, banking, financial institutions, medium and large, and others.
FI	Finland				X^{Note 1}	No. 'As Adopted by EU'	.	IFRSs permitted in both consolidated and separate company statements.
FR	France				X^{Note 1}	No. 'As Adopted by EU'	.	IFRSs permitted in consolidated statements, prohibited in separate company statements.
GM	Gambia	No stock exchange in the Gambia					.	IFRSs are permitted
DE	Germany				X^{Note 1}	No. 'As Adopted by EU'	.	IFRSs permitted in both consolidated and separate company statements. Statutory accounts that conform to national GAAP are also required.
GE	Georgia				X	Yes	.
GH	Ghana				X	Yes	.	IFRSs required for unlisted banks, utilities, brokerage, insurance, government-owned businesses starting 2007. IFRSs will be required for all other unlisted entities starting 2009.
GI	Gibraltar		X			Yes	.	IFRSs permitted except for some regulated companies that will prepare under UK GAAP
GD	Grenada				X ^{Note 15}	Yes	.
GR	Greece				X^{Note 1}	No. 'As Adopted by EU'	.	IFRSs permitted in audited consolidated and separate company financial statements.
GL	Greenland	No stock exchange in Greenland					.	Danish Accounting Standards are normally followed, though IFRSs are permitted
GU	Guam	No stock exchange in Guam					.	IFRSs not permitted. Unlisted companies follow US GAAP.
		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
GT	Guatemala				X	Yes	.	IFRSs required for all
GY	Guyana				X	Yes	.	IFRSs required for all
HT	Haiti				X	Yes	.	IFRSs required for all
HN	Honduras				X	Yes	.	IFRSs required for all
HK	Hong Kong				X^{Note 3}	Yes for companies incorporated outside HK. HK incorporated companies refer to 'Hong Kong FRS'	.	Hong Kong IFRS equivalents permitted
HU	Hungary				X^{Note 1}	No. 'As Adopted by EU'	.	IFRSs permitted in both consolidated and separate company statements. Statutory accounts that conform to national GAAP are also required.
IS	Iceland				X^{Note 1}	No. 'As Adopted by EU'	.	IFRSs permitted in both consolidated and separate company statements
IN	India	X ^{Note 8}					.	IFRSs not permitted
ID	Indonesia	X					.	IFRSs not permitted
IR	Iran	X					.	IFRSs not permitted
		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
IQ	Iraq				X	Yes	.	All banks including unisted.
IE	Ireland				X^{Note 1}	No. 'As Adopted by EU'	.	IFRSs permitted in both consolidated and separate company statements.
IL	Israel			X All Except Banks		Yes	.	IFRSs permitted (except banks)
IT	Italy				X^{Note 1}	No. 'As Adopted by EU'	.	IFRSs permitted in consolidated financial statements except for very small companies. IFRSs permitted in separate company statements except for very small, insurance companies, and some regulated companies.
JM	Jamaica				X	Yes	.	IFRSs required for all
JP	Japan	X^{Note 12}					.	IFRSs not permitted
JO	Jordan				X	Yes	.
KZ	Kazakhstan				X	Yes	.	IFRSs required for all banks, joint stock companies, and other significant public interest companies, including extractive industry companies and companies with Governmental ownership)
KE	Kenya				X	Yes	.	IFRSs required for all
KR	Korea (South)	X^{Note 9}					.	IFRSs not permitted
KW	Kuwait				X	Yes	.	IFRSs required for all
		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
KG	Kyrgyzstan				X	Yes	.	IFRSs required for all
LA	Laos		X			Yes	.
LV	Latvia				X^{Note 1}	No. 'As Adopted by EU'	.	IFRSs required for financial institutions, not permitted for others
LB	Lebanon				X	Yes	.	IFRSs required for financial institutions, not permitted for others
LI	Liechtenstein				X^{Note 1}	No. 'As Adopted by EU'	.	IFRSs permitted in both consolidated and separate company statements
LS	Lesotho		X			Yes	.
LT	Lithuania				X^{Note 1}	No. 'As Adopted by EU'	.	IFRSs required for some financial institutions, permitted for others
LU	Luxembourg				X^{Note 1}	No. 'As Adopted by EU'	.	IFRSs permitted in both consolidated and separate company statements
LY	Libya	X					.	IFRSs not permitted
MO	Macau	No stock exchange in Macau.					.	IFRSs permitted
		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
MK	Macedonia				X	Yes	.	IFRSs not permitted
MG	Madagascar		No stock exchange in Madagascar				.	IFRSs required for some
MW	Malawi				X	Yes	.	IFRSs not permitted
MY	Malaysia	X ^{Note 16}					.	IFRSs not permitted
MV	Maldives		X			Yes	.	IFRSs permitted
ML	Mali	X					.	IFRSs not permitted
MT	Malta				X^{Note 1}	No. 'As Adopted by EU'	.	IFRSs permitted for all
MR	Mauritania	No stock exchange in Mauritania.					.	IFRSs not permitted
MU	Mauritius				X	Yes	.
MX	Mexico	X^{Note 17}					.	IFRSs not permitted
MD	Moldova	X					.	IFRSs not permitted
MN	Mongolia				X	Yes	.	IFRSs required for all
ME	Montenegro				X	Yes	.	IFRSs required for all
MA	Morocco			X Banks/financial institutions must use IFRSs starting 2008. Listed companies other than banks and financial institutions may choose IFRSs or Moroccan GAAP.		Yes	.
MZ	Mozambique		X			Yes	.	Required for banks (2007) and large unlisted (starting 2009)
		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
MM	Myanmar		X			Yes	.
NA	Namibia				X	Yes	.
NL	Netherlands				X^{Note 1}	No. 'As Adopted by EU'	.	IFRSs permitted in both consolidated and separate company statements.
AN	Netherlands Antilles		X			Yes	.
NP	Nepal				X	Yes	.	IFRSs required for all
NZ	New Zealand				X^{Note 2}	No. 'NZ FRS'	.	New Zealand IFRS equivalents required for large unlisted, permitted for others
NI	Nicaragua				X	Yes	.	IFRSs required for all
NE	Niger	X					.	IFRSs not permitted
NG	Nigeria	X					.
NO	Norway				X^{Note 1}	No. 'As Adopted by EU'	.	IFRSs permitted in both consolidated and separate company statements.
OM	Oman				X	Yes	.	IFRSs required for all
		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
PK	Pakistan	X					.	IFRSs not permitted
PA	Panama				X	Yes	.	IFRSs required for all. However the law requiring IFRSs is under legal challenge.
PG	Papua New Guinea				X	Yes	.
PY	Paraguay		X			Yes	.	IFRSs permitted
PE	Peru				X	Yes	.
PH	Philippines	X ^{Note 11}					.
PL	Poland				X^{Note 1}	No. 'As Adopted by EU'	.	IFRSs required for consolidated financial statements of banks, permitted in consolidated financial statements of companies that have applied for stock exchange listing or whose parent uses IFRSs. IFRSs permitted in the separate financial statements of companies that have applied for stock exchange listing or whose parent uses IFRSs, prohibited in the separate financial statements of other companies.
PT	Portugal				X^{Note 1}	No. 'As Adopted by EU'	.	IFRSs required in consolidated financial statements of banks and financial institutions, permitted for others. IFRSs permitted in separate company statements of a company that is within the scope of a consolidated group that uses IFRSs, not permitted for other companies.
QA	Qatar				X	Yes	.
RE	Reunion	No stock exchange in Reunion.					.	As a French Department, Reunion follows French accounting requirements. This means that, for unlisted companies, IFRSs are permitted in consolidated statements, prohibited in separate company statements.
RO	Romania				X^{Note 1}	No. 'As Adopted by EU'	.	IFRSs required for consolidated financial statements of banks, permitted in consolidated financial statements of companies that have applied for stock exchange listing or whose parent uses IFRSs. IFRSs permitted in the separate financial statements of companies that have applied for stock exchange listing or whose parent uses IFRSs, prohibited in the separate financial statements of other companies.
RU	Russia			X Banks		Yes	.	Unlisted banks must use IFRSs. Other unlisted entities may prepare IFRS financial statements in addition to Russian GAAP reporting.
		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
WS	Samoa	No stock exchange in Samoa					.	IFRSs are permitted
KN	St Kitts and Nevis				X ^{Note 15}	Yes	.
SA	Saudi Arabia	X					.	IFRSs not permitted
SN	Senegal	X					.	IFRSs not permitted
RS	Serbia (Republic of)				X	Yes	.	IFRSs required for all
SL	Sierra Leone	No stock exchange in Sierra Leone (one is being developed).					.	IFRSs required for all
SG	Singapore	X^{Note 13}					.	No. Singapore FRSs required ^{Note 13}
SI	Slovenia				X^{Note 1}	No. 'As Adopted by EU'	.	IFRSs required for financial institutions, permitted for others
SK	Slovak Republic				X^{Note 1}	No. 'As Adopted by EU'	.	IFRSs required for all
ZA	South Africa				X	Yes	.
ES	Spain				X^{Note 1}	No. 'As Adopted by EU'	.	IFRSs permitted in consolidated statements, prohibited in separate company statements
LK	Sri Lanka		X			Yes	.	IFRSs not permitted
SR	Suriname		X			Yes	.	IFRSs are permitted
SE	Sweden				X^{Note 1}	No. 'As Adopted by EU'	.	IFRSs permitted in consolidated statements, prohibited in separate company statements
		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
SY	Syria	X					.	IFRSs not permitted
SZ	Swaziland		X			Yes	.
CH	Switzerland		XX Multi-national main board companies must choose either IFRSs or US GAAP starting 2005			Yes	.
TW	Taiwan	X^{Note 18}					.	IFRSs not permitted
TJ	Tajikistan				X	Yes	.	IFRSs required for all
TZ	Tanzania				X	Yes	.	IFRSs required for 'international companies'.
TH	Thailand	X					.	IFRSs not permitted
TG	Togo	X					.	IFRSs not permitted
TT	Trinidad and Tobago				X	Yes	.	IFRSs required for all
TN	Tunisia	X					.	IFRSs not permitted
		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
TR	Turkey		X^{Note 5}			Yes	.
UG	Uganda		X			Yes	.
UA	Ukraine				X	Yes	.	IFRSs required for all
UK	United Kingdom				X^{Note 1}	No. 'As Adopted by EU'	.	IFRSs permitted in both consolidated and separate company statements
US	United States	X ^{Note 10}					.	IFRSs permitted
UY	Uruguay	X^{Note 4}					.
UZ	Uzbekistan	X					.	IFRSs not permitted
VU	Vanuatu	No stock exchange in Vanuatu					.	IFRSs permitted
VE	Venezuela				X	Yes	.	IFRSs required starting 2007.
		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
VN	Vietnam	X					.
VG	Virgin Islands (British)		X			Yes	.
VI	Virgin Islands (US)	No stock exchange in Virgin Islands (US).					.	IFRSs not permitted. Unlisted companies follow US GAAP.
PS	West Bank/Gaza				X	Yes	.
YE	Yemen	No stock exchange in Yemen					.	IFRSs permitted
ZM	Zambia		X			Yes	.
ZW	Zimbabwe		X			Yes	.
Totals for Listed Companies							.	Totals for Unlisted Companies
Information, to the best of our knowledge, for 171 jurisdictions for domestic listed companies: IFRSs not permitted — 35 jurisdictions IFRSs permitted — 23 jurisdictions IFRSs required for some — 5 jurisdictions IFRSs required for all — 89 jurisdictions* No stock exchange — 19 jurisdictions *Includes 30 EU/EEA member states (Note 1) and 5 jurisdictions that have adopted full IFRS equivalents (Notes, 2 3, and 7) Of the 117 jurisdictions (23 + 5 + 89) that permit or require IFRSs for domestic listed companies: In 82 jurisdictions the audit report refers to conformity with IFRSs In 30 jurisdictions the audit report refers to conformity with IFRSs as adopted by the EU In 1 jurisdiction (NZ) the audit report refers to local GAAP or to IFRSs as adopted in the jurisdiction In 2 jurisdictions (CA and KR) the audit report refers to local GAAP In 1 jurisdiction (HK) the audit report for some companies refers to local GAAP and for other companies it refers to IFRSs For 1 jurisdiction (Brazil) we do not have this information							.	Of the 171 jurisdictions in table for unlisted companies: IFRSs not permitted — 37 jurisdictions IFRSs permitted for all or some — 38 jurisdictions IFRSs required for some — 23 jurisdictions IFRSs required for all — 29 jurisdictions We do not have information — 44 jurisdictions

^{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 Australia this statement is made in the audit report and the notes. In New Zealand it is made in the notes.

^{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 19 May 2004. 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}
Croatian National Accounting Law requires enterprises that use IFRSs to use IFRSs translated and published in the National Gazette by Financial Reporting Standards Board. Currently that means IFRSs as of 31 March 2004. Therefore, IFRSs 6, 7 and 8 have not been translated or published, and some amendments to IASs and IFRSs since 31 March 2004 are not reflected.

^{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}
India has announced a plan to adopt IFRSs as Indian Financial Reporting Standards effective 2011.

^{Note 9}
Korea has adopted a plan to adopt IFRSs as Korean Financial Reporting Standards effective 2011, with early adoption permitted starting 2009.

^{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}
In August 2007, the ASBJ and the IASB agreed on a process for converging Japanese GAAP and IFRSs. 'Major differences' between Japanese GAAP and IFRSs will be eliminated by 30 June 2011. The target date of 2011 does not apply to any major new IFRSs now being developed that will become effective after 2011.

^{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}
Approximately 150 Chinese companies are listed on the Hong Kong Stock Exchange. They are permitted to use IFRSs or Hong Kong FRSs. Half use IFRSs. Hong Kong is a Special Administrative Region of China.

^{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 28 October 2008, the Taiwan Financial Supervisory Commission announced that it will form a task force to study the adoption of IFRSs in Taiwan. Adoption details such as the time table and the extent (public company or private company, consolidated or separate financial statements, etc) will be discussed and determined by the task force.

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 .

BI Burundi .

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) .

LR Liberia .

MC Monaco .

NC New Caledonia .

RW Rwanda .

SC Seychelles .

SO Somalia .

SD Sudan .

TO Tonga .

TM Turkmenistan .

TC Turks and Caicos Islands .

EH Western Sahara .

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