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 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. All IASs and IFRSs through IFRS 8 have been gazetted, but some recent amendments to 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 India has announced a plan to adopt IFRSs as Indian Financial Reporting Standards effective 2011.

Note 9 Korea has adopted all IFRSs as issued by the IASB 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 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.

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 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.

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.

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)						.
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						.