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Adoption of IFRS by country

Background

This page summarises recent news and other information related to the adoption of IFRSs in individual jurisdictions.

Our full summary of the current status of the adoption of IFRS for each jurisdiction can be found our use of IFRSs by jurisdiction page.  Summaries of the use of IFRSs by jurisdiction and  use of IFRSs by listed entities in member organisations of the G20 is also available.

More detailed information about the adoption of IFRSs in a particular jurisdiction can be found on our individual jurisdiction pages.

Jurisdictions where IFRS is currently being considered

Countries currently considering adopting IFRSs include:

Related news

  • Proposed roadmap for IFRS adoption in India

  • Apr 10, 2014

  • The Institute of Chartered Accountants of India (ICAI) has publicly released a summary of its recommendations on the timetable for the adoption of Indian Accounting Standards (Ind AS), which are largely converged with International Financial Reporting Standards (IFRSs). The ICAI recommendations, which will be considered by the Indian Ministry of Corporate Affairs (MCA) in determining its final decision on implementation, propose that listed and large entities should mandatorily apply Ind AS in consolidated financial statements for accounting periods beginning on or after 1 April 2016, with other companies being able to apply Ind AS on an irrevocable voluntary basis.

  • Australia seeks to finesse its differential reporting regime in light of IFRS 1 changes

  • Mar 19, 2014

  • The Australian Accounting Standards Board (AASB) has issued an exposure draft, and accompanying research paper, discussing the implications for entities moving between different 'tiers' of its differential reporting regime in light of changes made by the International Accounting Standards Board (IASB) to permit the repeated application of IFRS 1 'First-time Adoption of International Financial Reporting Standards'.

  • 8th IFRS Regional Policy Forum - New Frontiers

  • Feb 18, 2014

  • The 8th IFRS Regional Policy Forum will be hosted by Institute of Chartered Accountants of India (ICAI) on 8-9 March 2014 in New Delhi following the meeting of the International Forum of Accounting Standard Setters (IFASS). The policy forums are designed to be one of the key platforms in the Asian Oceanian region for stakeholders including regulators, to discuss IFRS related policy issues. The theme of the eighth forum will be 'Financial Reporting: New Frontiers'.

  • Discussion forum on the convergence of Saudi accounting standards to IFRSs

  • Feb 17, 2014

  • In December 2013, the Saudi Organization for Certified Public Accountants (SOCPA) in collaboration with the U.K. Association of Chartered Certified Accountants (ACCA) organised a forum titled "The convergence of Saudi accounting standards to IFRSs". A recording of the discussions has recently been made available.

  • Malaysia finalises accounting standard for private entities

  • Feb 17, 2014

  • The Malaysian Accounting Standards Board has issued 'Malaysian Private Entities Reporting Standard' (MPERS) for use by private entities. The MPERS is based on the 'IFRS for SMEs' as issued by the IASB in July 2009, with some limited amendments.

  • SEC remains committed to convergence in general

  • Feb 05, 2014

  • The United States Securities and Exchange Commission (SEC) has published a draft Strategic Plan for the 2014-2018 period. As in earlier strategic plans, global convergence of accounting standards and the globalisation of capital markets are noted among the initiatives designed to support the primary strategic goals, this time however without expressly mentioning the IASB/FASB convergence programme or a possible adoption of IFRSs.

  • Malaysia looks to translate key accounting terms

  • Feb 02, 2014

  • The Malaysian Accounting Standards Board (MASB) has published a Request for Views seeking feedback on a proposed translation of the Malaysian Financial Reporting Standards glossary of terms into Bahasa Malaysia.

  • EFRAG updates endorsement status report

  • Jan 31, 2014

  • EFRAG has updated its Endorsement Status Report to reflect the fact that final endorsement advice has been published on 'Defined Benefit Plans: Employee Contributions' (Amendments to IAS 19 'Employee Benefits') and that the IASB has issued IFRS 14 'Regulatory Deferral Accounts'.

  • Paul Pacter reports on the adoption of IFRSs

  • Jan 17, 2014

  • Former IASB Board member Paul Pacter has issued an assessment of the global adoption of IFRSs. Based on the assessment, he believes that IFRS is the ‘de facto’ language for financial reporting.

  • Japan proposes simplifying disclosure requirements

  • Jan 14, 2014

  • The Financial Services Agency (FSA) of Japan has issued for public comment a proposal to simplify presentation and disclosure requirements in separate financial statement prepared under Japanese GAAP. The proposal was developed based on recommendations in the June 2013 report issued by the Japanese Business Accounting Council “The Present Policy on the Application of the International Financial Reporting Standards (IFRS)” (the "BAC report”).

  • Update on accounting standards in Taiwan

  • Jan 09, 2014

  • Effective 1 January 2014, entities in Taiwan using IFRS can choose the fair value model for investment property as their accounting policy under IAS 40 'Investment Property'. Previously, only the cost-depreciation-impairment model in IAS 40 was permitted.

  • Japan 'designates' additional IFRSs

  • Dec 30, 2013

  • On 27 December 2013, the Financial Services Agency (FSA) of Japan announced that additional IFRSs were designated for use by companies voluntarily applying IFRSs in Japan. The announcement effectively includes all IASB pronouncements issued up to 31 October 2013.

  • Survey on the transition experience in Malaysia

  • Nov 25, 2013

  • The Malaysian Accounting Standards Board (MASB) has released findings of a post-implementation survey of Malaysian companies on its Malaysian Financial Reporting Standards (MFRS) Framework, which are equivalent to International Financial Reporting Standards (IFRSs). The survey considered a number of aspects of transition to, and ongoing compliance with, MFRS and also explored initiatives that the MASB could undertake to ensure continuing implementation of the MFRS Framework.

  • AASB issues guidance on consolidation in the not-for-profit sector

  • Nov 18, 2013

  • The Australian Accounting Standards Board (AASB) has released an Amending Standard that provides implementation guidance for not-for-profit entities under the Australian equivalents to IFRS 10 'Consolidated Financial Statements' (AASB 10) and IFRS 12 'Disclosure of Interests in Other Entities' (AASB 12). The guidance explains and illustrates how not-for-profit and public sector entities can apply the key concepts of 'control' and 'structured entities' arising under those standards, particularly where circumstances from a for-profit perspective do not readily translate to a not-for-profit perspective.

  • Outcomes from the thirtieth ISAR session

  • Nov 11, 2013

  • The thirtieth session of the United Nations Conference on Trade and Development (UNCTAD) Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) has held in Geneva on 6-8 November 2013. The meeting focused on the role sound corporate reporting infrastructure plays in promoting investment, financial stability and development. The main agenda items were country feedback on the 'Accounting Development Tool' being developed by ISAR, human resources development challenges in achieving high quality corporate reporting, and a review of good practices in sustainability reporting.

  • Canadian study shows IFRS adoption had significant impact on financial statements

  • Nov 08, 2013

  • A new report by the Certified General Accountants Association of Canada (CGA-Canada) reveals that the adoption of International Financial Reporting Standards (IFRS) has had a noticeable impact on the financial statements of Canadian-listed companies. The source of the differences in financial reporting is linked to a broad range of accounting adjustments.

  • Overview of Indian standard-setting activities

  • Nov 07, 2013

  • Celebrating its 200th meeting, the Accounting Standards Board (ASB) has issued an overview of its activities from its inception in 1977 to the current efforts in relation with IFRS convergence.

  • Finalised ordinances allow wider voluntary use of IFRS in Japan

  • Oct 29, 2013

  • The Financial Services Agency of Japan (FSA) has released revised ordinances that increase the number of Japanese companies that can voluntarily adopt International Financial Reporting Standards (IFRSs) as designated by the FSA, which is currently identical to the effective IFRSs as issued by the IASB. The ordinances are effective immediately and permit Japanese listed companies and those applying for a listing to use designated IFRSs in their consolidated financial statements on a voluntary basis, if they establish internal processes to ensure appropriate reporting under designated IFRSs, with officers or employees who have sufficient knowledge of the subject being in place.

  • Australian regulator consults on 'combined financial statements'

  • Oct 15, 2013

  • The Australian Securities and Investments Commission (ASIC) has issued a consultation paper in which it seeks views on financial reporting by 'stapled' entities. The Consultation Paper discusses various issues in relation to the preparation of financial reports by stapled entities in light of the issue of AASB 10 'Consolidated Financial Statements' (equivalent to IFRS 10), and includes proposals for a legislative instrument to allow Australian stapled entities to present combined financial statements.

All Related