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Use of IFRS by jurisdiction

About this information

 

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 companiesDomestic unlisted companies
CodeJurisdictionIFRSs 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 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
AO Angola

X
Financial Institutions from 2016

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
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 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.
BY Belarus X
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
BM Bermuda X Yes
BT Bhutan X
BO Bolivia X Yes
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
KH Cambodia X
CA Canada Note 7 Yes IFRSs permitted (starting 2011)
KY Cayman Islands X Yes
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
DM Dominica X Yes
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
EG Egypt X
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.
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
IN India X
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
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 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
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' 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 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 IFRSs required for some, permitted for others
MX Mexico XNote 17 Yes IFRSs permitted
MD Moldova X 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)
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 permitted
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
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 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.
RU Russia XNote 26
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
SZ Swaziland X Yes
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
TM Turkmenistan X
UG Uganda X Yes
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.
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 IFRSs permitted
ZW Zimbabwe X Yes
Totals for listed companiesTotals 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):

  • IFRSs not permitted — 25 jurisdictions
  • IFRSs permitted — 26 jurisdictions
  • IFRSs required for some — 11 jurisdictions
  • IFRSs required for all — 92 jurisdictions*
  • No stock exchange — 20 jurisdictions

*Includes 31 EU/EEA member states (Note 1) and 5 jurisdictions that have adopted full IFRS equivalents (Notes, 2 3, and 7)

Of the 128 jurisdictions (26 + 11 + 92) that permit or require IFRSs for domestic listed companies:

  • In 87 jurisdictions the audit report refers to conformity with IFRSs
  • In 31 jurisdictions the audit report refers to conformity with IFRSs as adopted by the EU
  • In 1 jurisdiction (HK) the audit report for companies incorporated in HK refers to local GAAP and for companies incorporated elsewhere it refers to IFRSs
  • For 1 jurisdiction (NG) this has not yet been announced
  • For 1 jurisdiction (JP) this depends on the status of designation
  • For 8 jurisdictions this information is not available

Important: This tabulation should be read in conjunction with the notes below.

Of the 174 jurisdictions in table for unlisted companies (totals without CN):

  • IFRSs not permitted — 32 jurisdictions
  • IFRSs permitted for all or some — 47 jurisdictions
  • IFRSs required for some — 35 jurisdictions
  • IFRSs required for all — 27 jurisdictions
  • We do not have information — 33 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 1.16 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.

 

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 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.

 

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

The 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).

 

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 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.

 

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.  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.

 

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

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).

 

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):

  1. Lending agencies (banks, etc.)
  2. Insurance companies
  3. Entities with securities traded on stock exchanges/trading systems.
    Issuers with non-traded securities - with prospectuses registered by the FCSM for:
    1. public offerings (open subscription) of securities, or
    2. 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.

 

Note 27

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.

 

Note 28

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.

 

Note 29

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.

 

 

Note 30

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 companiesDomestic unlisted companies
CodeJurisdictionIFRSs 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
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