Use of IFRS by jurisdiction
|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.
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 full IFRSs. It does not necessarily mean that all unlisted companies in that jurisdiction are required to prepare IFRS financial statements.
Note: We are currently reconsidering the format of our table to reflect differing degrees of convergence with IFRSs - you can access our revised approach in relation to use of IFRSs by domestic listed companies of the G20 countries. Merged entries with only a footnote in the table below are temporary only and are not included in the totals at the end of the table.
Note: click here or scroll down to end of table for column totals.
|Domestic listed companies||Domestic unlisted companies|
|Use of IFRSs by unlisted companies|
|AE||Abu Dhabi – United Arab Emirates||X||Yes||IFRSs required for all banks, permitted for other companies Note 23|
|AL||Albania||No stock exchange in AlbaniaNote 29||IFRSs required for financial institutions, subsidiaries of internationally listed parents, and large companies|
|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||IFRS for SMEs|
|AR||Argentina||X||IFRSs not permitted|
|AM||Armenia||X||Yes||IFRSs required for all|
|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||IFRSs permitted. IFRS for SMEs permitted for all companies that do not have public accountability|
|BH||Bahrain||X||Yes||IFRSs required for all|
|BD||Bangladesh||X Note 9|
|BB||Barbados||X||Yes||Companies may choose full IFRSs or IFRS for SMEs|
|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.|
Banks since 2008, all others from 2016
|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|
|BA||Bosnia and Herzegovina||X||Yes|
|BW||Botswana||X||Yes||IFRSs required for some, permitted for others|
|BR||Brazil||All listed companies and all financial institutions starting 2010. Optional for listed companies prior to 2010.||Yes, except...
Undecided for unlisted banks for 2010 only because, for them, comparative IFRS financial statements for 2009 are not required
|IFRSs not permitted|
|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|
|BI||Burundi||No stock exchange in Burundi||IFRSs not permitted|
|CA||Canada||X Note 7||Yes||IFRSs permitted (starting 2011)|
|CL||Chile||X (starting 2009)||Yes||IFRSs required starting 2009.|
|CN||China||Note 14||Note 14|
|CI||Cote D'Ivoire (Ivory Coast)||X||IFRSs not permitted|
|CO||Colombia||XNote 25||IFRSs not permitted|
|CR||Costa Rica||X||Yes||IFRSs required for all|
|HR||Croatia (Hrvatska)||X Note 1||No. 'As Adopted by EU'||IFRSs 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 as adopted by EU permitted in consolidated statements. Companies that follow IFRSs as adopted by EU for their consolidated financial statements and companies that are part of a group which prepare their consolidated financial statements under IFRS as adopted by EU are permitted to use IFRSs as adopted by EU also for their separate financial statements.|
|DK||Denmark||X Note 1||No. 'As Adopted by EU'||IFRSs permitted in both consolidated and separate company statements|
|DO||Dominican Republic||X Note 20||Yes||IFRSs permitted|
|AE||Dubai – United Arab Emirates||X||Yes||IFRSs required for all banks, permitted for other companies Note 23|
|EC||Ecuador||X Phase-in 2010-2012||Yes||IFRS required for some in 2011, all in 2012|
|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.|
|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||IFRSs required in both consolidated and separate company statements.|
|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.|
|GT||Guatemala||X||Yes||IFRSs required for all|
|GY||Guyana||X||Yes||Companies may choose full IFRSs or IFRS for SMEs|
|HT||Haiti||X||Yes||IFRSs permitted 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|
Permitted for consolidated financial results only.Note 8
|Yes||IFRSs not permitted|
|ID||Indonesia||XNote 28||IFRSs not permitted|
|IR||Iran||X||IFRSs not permitted|
|IQ||Iraq||X||Yes||All banks including unlisted.|
|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||Depends on the status of designation||IFRSs not permitted|
|JO||Jordan||X||Yes||IFRSs required for some (banks, insurance companies), all other companies have the choice between IFRSs and the IFRS for SMEs|
|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||Yes||IFRS required for financial institutions and state-owned companies; IFRS permitted for other unlisted companies|
|KW||Kuwait||X||Yes||IFRSs required for all|
|KG||Kyrgyzstan||X||Yes||IFRSs required for all|
|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 all|
|LR||Liberia||No stock exchange in Liberia||IFRS required for all banks from 2012, most other companies use US GAAP|
|LI||Liechtenstein||X Note 1||No. 'As Adopted by EU'||IFRSs permitted in both consolidated and separate company statements|
|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'||IFRS permitted, subject to approval in most cases Note 22|
|LY||Libya||X Note 24||information not available Note 24||IFRSs required for commercial banks Note 24|
|MO||Macau||No stock exchange in Macau.||IFRSs permitted|
|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||Malaysian equivalent to IFRS for SMEs effective from 2016|
|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||IFRSs required for some, permitted for others|
|MX||Mexico||XNote 17||Yes||IFRSs 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), large unlisted (starting 2010), and medium-sized unlisted (starting 2011)|
|NL||Netherlands||X Note 1||No. 'As Adopted by EU'||IFRSs permitted in both consolidated and separate company statements.|
|NC||New Caledonia||No stock exchange in New Caledonia.||As a French Department, New Caledonia follows French accounting requirements. This means that, for unlisted companies, IFRSs are permitted in consolidated statements, prohibited in separate company statements.|
|NZ||New Zealand||X Note 2||Yes||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 (starting 2012) Note 21||To be determined Note 21|
|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|
|PK||Pakistan||XNote 30||IFRSs not permitted|
|PA||Panama||X||Yes||IFRSs required for some, IFRS for SMEs for others. However the law requiring IFRSs is under legal challenge.|
|PG||Papua New Guinea||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||IFRSs required for all|
|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.|
|WS||Samoa||No stock exchange in Samoa||IFRSs are permitted|
|KN||St Kitts and Nevis||X Note 15||Yes|
|SA||Saudi Arabia||X Note 6||Yes||IFRSs not permitted|
|SN||Senegal||X||IFRSs not permitted|
|RS||Serbia (Republic of)||X||Yes||IFRSs required for all|
|SL||Sierra Leone||X||Yes||IFRSs required for some, IFRS for SMEs for others|
|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||IFRS permitted or IFRS for SMEs|
|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|
|CH||Switzerland||X 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||IFRS permitted or IFRS for SMEs|
|TN||Tunisia||X||IFRSs not permitted|
|TR||Turkey||X Note 5||Yes||IFRS required for some, permitted for others|
|UA||Ukraine||X Note 27||IFRSs permitted|
|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 Note 19||2004 IFRSs required starting 2007.|
|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.|
|YE||Yemen||No stock exchange in Yemen||IFRSs permitted|
|Totals for listed companies||Totals for unlisted companies|
Important: This tabulation should be read in conjunction with the notes below.
Information, to the best of our knowledge, for 174 jurisdictions for domestic listed companies (totals without CN):
*Includes 31 EU/EEA member states (Note 1) and 5 jurisdictions that have adopted full IFRS equivalents (Notes, 2 3, and 7)
Of the 130 jurisdictions (26 + 11 + 93) that permit or require IFRSs for domestic listed companies:
Important: This tabulation should be read in conjunction with the notes below.
Of the 174 jurisdictions in table for unlisted companies (totals without CN):
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.
Australia and New Zealand have adopted national standards that they describe as IFRS-equivalents. Those standards include the requirement from IAS 1.16 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 also made in the audit report.
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.
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.
Listed companies in Turkey are permitted to follow IFRSs in one of two ways due to delays in translating IFRSs into Turkish:
All banks and insurance companies listed on the Saudi Stock Exchange must use IFRSs.
Canada has adopted IFRSs in full as Canadian Financial Reporting Standards effective 2011. However, mandatory adoption of IFRSs has been deferred for entities with rate-regulated activities (until 2015) and investment companies (until 2014). Those deferrals were provided to give time for the IASB to complete projects affecting those entities.
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 9The Financial Reporting Standards prescribed by the Institute of Chartered Accountants in Bangladesh (ICAB) are known as Bangladesh Financial Reporting Standards (BFRS, including Bangaldesh Accounting Standards, BAS). BFRS and BAS are closely modelled on International Accounting Standards and International Financial Reporting Standards issued by the IASB. As at January 2013, a version of all IFRS (and IAS) issued by the IASB had been adopted as BFRS by the ICAB, with the exception of IAS 29 (adopted but not in force until 2015) and IFRS 9 (under review).
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.
In adopting IFRSs as Philippines Financial Reporting Standards (PFRSs), various modifications were made to IFRSs including the following 'transition relief':
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 jurisdiction page for Japan.
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.
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. However, in March 2012, the Singapore Accounting Standards Council (ASC) announced that full convergence will not occur in 2012, as had originally been planned. It is now expected to occur in 2018.
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.
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.
Malaysian Financial Reporting Standards (MFRS), which are fully IFRS-compliant and permit entities to make an unreserved statement of compliance with IFRS, are required to be followed by Malaysian non-private entities for annual periods beginning on or after 1 January 2012. However, certain entities in the real estate and agricultural industries are not required to apply MFRS until annual periods beginning on or after 1 January 2017 (early adoption permitted).
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.
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.
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.
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.
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.
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.
Although IFRS is not required for unlisted companies other than banks, it is a considered best practice for these companies to adopt IFRSs.
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.
Publicly traded entities, public interest entities and large companies that a) are branches of parent companies that report under IFRS, b) parent companies of branches that report under IFRS and c) companies exporting or importing over 50% of their sales or purchases will adopt full IFRS in 2015, with 2014 being the year of transition (meaning opening balances of the Statement of Financial Position as at 1 January 2014).
IFRSs or Standards that differ from IFRSs to a certain degree required for some:
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):
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.
In June 2011 the changes in law "On accounting and financial reporting in Ukraine" were signed by the President of Ukraine. In accordance with such changes, public interest entities (Public Joint Stock companies, banks, insurance companies, and other companies that operate in financial markets) are required to prepare financial statements in accordance with IFRS. The Cabinet of Ministers of Ukraine may provide an additional list of entities subject to reporting under IFRS.
In December 2011, the National Bank of Ukraine, Ministry of Finance and Ministry of Statistics issued a joint letter clarifying the adoption of IFRS in Ukraine. Banks are required to use 1 January 2011 as date of transition to IFRS. All other entities subject to IFRS adoption may choose either 1 January 2011 or 1 January 2012 as a date of transition to IFRS. Financial statements for 2011 are to be prepared based on Ukrainian Accounting Standards. All other entities may voluntary choose IFRS as their reporting framework.
Indonesia's approach to IFRS adoption is to maintain its national GAAP (Indonesian Financial Accounting Standards, IFAS) and converge it gradually with IFRSs as much as possible. Currently there is no plan (and consequently no timetable) for a full adoption of IFRSs.
Indonesia is striving to minimise the significant differences between IFRSs and IFASs gradually. Since 2012, the local standards applied in Indonesia are based on those IFRSs that were effective at 1 January 2009. However, some modifications were made. Indonesia will continue the convergence process by considering recent amendments, newer standards (eg IFRSs 9 to 13), and IFRS Exposure Drafts.
Currently, the DSAK is committed to maintain a one year difference with IFRS as issued by the IASB until Indonesia decides when it will go for full adoption. Therefore, the expectation is to converge Indonesian national GAAP (PSAK) with IFRSs as they stood on1 January 2014 as of 1 January 2015, with IFRSs as they stood on1 January 2015 as of 1 January 2016 etc. unless there is a reason not to do so. For example, IFRS 9 will not be adopted piecemeal; Indonesia is waiting until all phases are completed before considering adopting the standard.
Indonesia will also consider results from the implementation of the first wave of standards resulting from the convergence process before new standards are developed. The jurisdiction will also provide for transition periods of three to four years for new standards, however, Indonesia is striving at the same time to keep the gaps between the effective dates of new IFRSs and new IFASs that are based on them as short as possible.
Domestic listed companies do not have the option to fully comply with IFRS.
There is no stock exchange in Albania. Nevertheless, the Accounting Law passed in 2004 requires listed companies to apply IFRSs as issued by the IASB.
Pakistan has adopted most but not all IFRSs. The standards not adopted are IFRS 1, IFRS 9, IFRS 14, IFRS 15, IFRIC 4, and IFRIC 12.
In addition, standards relevant for financial institutions, IAS 39 Financial Instruments: Recognition and Measurement, IAS 40 Investment Property, and IFRS 7 Financial Instruments: Disclosures, have not been adopted for banks and other financial institutions regulated by the State Bank of Pakistan (SBP). SBP has prescribed its own criteria for recognition and measurement of financial instruments for such financial entities.
Information on other jurisdictions
We are seeking information on the following jurisdictions. If you can help us with missing data, please send us an email. If possible, please include links to, or citations of, documents from which the information can be verified.
|Domestic listed companies||Domestic unlisted companies|
|Use of IFRSs by unlisted companies|
|CF||Central African Republic|
|CD||Democratic Republic of the Congo|
|TC||Turks and Caicos Islands|