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

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

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

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

This page last updated 24 March 2009.

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

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

Note: Click Here or Scroll Down to End of Table for column totals.
  Domestic Listed Companies.Domestic Unlisted Companies
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
AEAbu Dhabi – United Arab Emirates     XYes.  
ALAlbaniaNo stock exchange in Albania .IFRSs not permitted
DZAlgeriaNo stock exchange in Algeria .IFRSs not permitted
ASAmerican SamoaNo stock exchange in American Samoa .IFRSs permitted
AIAnguilla    X Note 15Yes.  
AGAntigua and Barbuda   X Note 15Yes.  
ARArgentinaX    .IFRSs not permitted
AMArmenia    XYes.IFRSs required for all
AWAruba X  Yes.  
ATAustria   X Note 1No. 'As Adopted by EU'.IFRSs permitted in consolidated statements, prohibited in separate statements.
AUAustralia   X Note 2Yes.Australian IFRS equivalents required for some large unlisted, permitted for others.
AZAzerbaijan  X   Yes.Separate IFRS financial statements required for banks (listed and unlisted) and, starting 2008, for large state-owned enterprises. For others, IFRSs permitted.
BSBahamas   XYes.  
BHBahrain   XYes.IFRSs required for all
BDBangladeshX    .  
BBBarbados   XYes.  
  Domestic Listed Companies.Domestic 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
BEBelgium   X Note 1No. '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.
BYBelarus  X Banks starting 2008 Yes.IFRSs required for banks
BZBelizeNo stock exchange in Belize. .Unlisted companies may use IFRSs or other internationally accepted standards (particularly US GAAP or Canadian GAAP).
BJBeninX    .IFRSs not permitted
BMBermuda X  Yes.  
BTBhutanX    .  
BOBolivia X  Yes.  
BABosnia and Herzegovina   X (all large and medium sized)Yes.  
BWBotswana   XYes.IFRSs permitted
BRBrazil   All listed companies and all financial institutions starting 2010. Optional for listed companies prior to 2010.Not yet announced.IFRSs not permitted
  Domestic Listed Companies.Domestic Unlisted Companies
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
BNBrunei DarussalamNo stock exchange in Brunei .IFRSs are permitted but not often used
BGBulgaria   X Note 1No. '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.
BFBurkina FasoX    .IFRSs not permitted
KHCambodiaNo stock exchange in Cambodia. .IFRSs permitted
CACanada   X (starting 2011) Note 7No.IFRSs not permitted
KYCayman Islands X  Yes.  
CLChile   X (starting 2009)Yes.IFRSs required starting 2009.
CNChinaX Note 14    .IFRSs not permitted
CICote D'Ivoire (Ivory Coast)X    .IFRSs not permitted
COColombiaX    .IFRSs not permitted
  Domestic Listed Companies.Domestic 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
CRCosta Rica   XYes.IFRSs required for all
HRCroatia (Hrvatska)X Note 6    .IFRSs as described in Note 6 are required for all financial institutions and large unlisted companies, permitted for others.
CUCubaX    .IFRSs not permitted
CYCyprus   X Note 1No. 'As Adopted by EU'.IFRSs required for all
CZCzech Republic   X Note 1No. 'As Adopted by EU'.IFRSs permitted in consolidated statements, prohibited in separate company statements
DKDenmark   X Note 1No. 'As Adopted by EU'.IFRSs permitted in both consolidated and separate company statements
DMDominica X  Yes.  
DODominican Republic   XYes.IFRSs required for all
AEDubai – United Arab Emirates    XYes.IFRSs required for all banks.
ECEcuador   X Phase-in 2010-2012Yes.IFRS required for some in 2011, all in 2012
EGEgypt   XYes.  
SVEl Salvador X  Yes.  
EREritreaNo stock exchange in Eritrea .IFRSs are required for Government-owned enterprises, newly privatised companies (large taxpayers, or 'LTOs'), banks, and insurance companies.
  Domestic Listed Companies.Domestic Unlisted Companies
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
EEEstonia   X Note 1No. '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.
FJFiji   XYes.IFRSs required for government majority owned, banking, financial institutions, medium and large, and others.
FIFinland   X Note 1No. 'As Adopted by EU'.IFRSs permitted in both consolidated and separate company statements.
FRFrance   X Note 1No. 'As Adopted by EU'.IFRSs permitted in consolidated statements, prohibited in separate company statements.
GMGambiaNo stock exchange in the Gambia .IFRSs are permitted
DEGermany   X Note 1No. 'As Adopted by EU'.IFRSs permitted in both consolidated and separate company statements. Statutory accounts that conform to national GAAP are also required.
GEGeorgia   XYes.  
GHGhana   XYes.IFRSs required for unlisted banks, utilities, brokerage, insurance, government-owned businesses starting 2007. IFRSs will be required for all other unlisted entities starting 2009.
GIGibraltar X  Yes.IFRSs permitted except for some regulated companies that will prepare under UK GAAP
GDGrenada   X Note 15Yes.  
GRGreece   X Note 1No. 'As Adopted by EU'.IFRSs permitted in audited consolidated and separate company financial statements.
GLGreenlandNo stock exchange in Greenland .Danish Accounting Standards are normally followed, though IFRSs are permitted
GUGuamNo stock exchange in Guam .IFRSs not permitted. Unlisted companies follow US GAAP.
  Domestic Listed Companies.Domestic 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
GTGuatemala   XYes.IFRSs required for all
GYGuyana   XYes.IFRSs required for all
HTHaiti   XYes.IFRSs required for all
HNHonduras   XYes.IFRSs required for all
HKHong Kong   X Note 3Yes for companies incorporated outside HK. HK incorporated companies refer to 'Hong Kong FRS'.Hong Kong IFRS equivalents permitted
HUHungary   X Note 1No. 'As Adopted by EU'.IFRSs permitted in both consolidated and separate company statements. Statutory accounts that conform to national GAAP are also required.
ISIceland   X Note 1No. 'As Adopted by EU'.IFRSs permitted in both consolidated and separate company statements
INIndiaX Note 8     .IFRSs not permitted
IDIndonesiaX    .IFRSs not permitted
IRIranX    .IFRSs not permitted
  Domestic Listed Companies.Domestic 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
IQIraq   XYes.All banks including unisted.
IEIreland   X Note 1No. 'As Adopted by EU'.IFRSs permitted in both consolidated and separate company statements.
ILIsrael  X All Except Banks Yes.IFRSs permitted (except banks)
ITItaly   X Note 1No. '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.
JMJamaica   XYes.IFRSs required for all
JPJapanXNote 12    .IFRSs not permitted
JOJordan   XYes.  
KZKazakhstan    XYes.IFRSs required for all banks, joint stock companies, and other significant public interest companies, including extractive industry companies and companies with Governmental ownership)
KEKenya   XYes.IFRSs required for all
KRKorea (South)XNote 9    .IFRSs not permitted
KWKuwait   XYes.IFRSs required for all
  Domestic Listed Companies.Domestic 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
KGKyrgyzstan   XYes.IFRSs required for all
LALaos X  Yes.  
LVLatvia   X Note 1No. 'As Adopted by EU'.IFRSs required for financial institutions, not permitted for others
LBLebanon   XYes.IFRSs required for financial institutions, not permitted for others
LILiechtenstein   X Note 1No. 'As Adopted by EU'.IFRSs permitted in both consolidated and separate company statements
LSLesotho X  Yes.  
LTLithuania   X Note 1No. 'As Adopted by EU'.IFRSs required for some financial institutions, permitted for others
LULuxembourg   X Note 1No. 'As Adopted by EU'.IFRSs permitted in both consolidated and separate company statements
MOMacauNo stock exchange in Macau. .IFRSs permitted
  Domestic Listed Companies.Domestic 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
MKMacedonia   XYes.IFRSs not permitted
MGMadagascar No stock exchange in Madagascar.IFRSs required for some
MWMalawi   XYes.IFRSs not permitted
MYMalaysiaX Note 16     .IFRSs not permitted
MVMaldives X  Yes.IFRSs permitted
MLMaliX    .IFRSs not permitted
MTMalta   X Note 1No. 'As Adopted by EU'.IFRSs permitted for all
MRMauritaniaNo stock exchange in Mauritania. .IFRSs not permitted
MUMauritius   XYes.  
MXMexicoXNote 17    .IFRSs not permitted
MDMoldovaX    .IFRSs not permitted
MNMongolia   XYes.IFRSs required for all
MEMontenegro   XYes.IFRSs required for all
MAMorocco  X Banks/financial institutions must use IFRSs starting 2008. Listed companies other than banks and financial institutions may choose IFRSs or Moroccan GAAP. Yes.  
MZMozambique X  Yes.Required for banks (2007)
and large unlisted (starting 2009)
  Domestic Listed Companies.Domestic 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
MMMyanmar X  Yes.  
NANamibia   XYes.  
NLNetherlands   X Note 1No. 'As Adopted by EU'.IFRSs permitted in both consolidated and separate company statements.
ANNetherlands Antilles X  Yes.  
NPNepal   XYes.IFRSs required for all
NZNew Zealand   X Note 2No. 'NZ FRS'.New Zealand IFRS equivalents required for large unlisted, permitted for others
NINicaragua   XYes.IFRSs required for all
NENigerX    .IFRSs not permitted
NGNigeriaX    .  
NONorway   X Note 1No. 'As Adopted by EU'.IFRSs permitted in both consolidated and separate company statements.
OMOman   XYes.IFRSs required for all
  Domestic Listed Companies.Domestic 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
PKPakistanX    .IFRSs not permitted
PAPanama   XYes.IFRSs required for all. However the law requiring IFRSs is under legal challenge.
PGPapua New Guinea   XYes.  
PYParaguay X  Yes.IFRSs permitted
PEPeru   XYes.  
PHPhilippinesX Note 11    .  
PLPoland   X Note 1No. '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.
PTPortugal   X Note 1No. '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.
QAQatar   XYes.  
REReunionNo 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.
RORomania   X Note 1No. '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.
RURussia  X Banks  Yes.Unlisted banks must use IFRSs. Other unlisted entities may prepare IFRS financial statements in addition to Russian GAAP reporting.
  Domestic Listed Companies.Domestic Unlisted Companies
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
WSSamoaNo stock exchange in Samoa .IFRSs are permitted
KNSt Kitts and Nevis   X Note 15Yes.  
SASaudi ArabiaX    .IFRSs not permitted
RSSerbia (Republic of)   XYes.IFRSs required for all
SLSierra LeoneNo stock exchange in Sierra Leone (one is being developed). .IFRSs required for all
SGSingaporeX Note 13    .No. Singapore FRSs required Note 13
SISlovenia   X Note 1No. 'As Adopted by EU'.IFRSs required for financial institutions, permitted for others
SKSlovak Republic   X Note 1No. 'As Adopted by EU'.IFRSs required for all
ZASouth Africa   XYes.  
ESSpain   X Note 1No. 'As Adopted by EU'.IFRSs permitted in consolidated statements, prohibited in separate company statements
LKSri Lanka X  Yes.IFRSs not permitted
SRSuriname X  Yes.IFRSs are permitted
SESweden   X Note 1No. 'As Adopted by EU'.IFRSs permitted in consolidated statements, prohibited in separate company statements
  Domestic Listed Companies.Domestic 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
SYSyriaX    .IFRSs not permitted
SZSwaziland X  Yes.  
CHSwitzerland 
X
X Multi-national main board companies must choose either IFRSs or US GAAP starting 2005
  Yes.  
TWTaiwanX Note 18    .IFRSs not permitted
TJTajikistan   XYes.IFRSs required for all
TZTanzania   XYes.IFRSs required for 'international companies'.
THThailandX    .IFRSs not permitted
TGTogoX    .IFRSs not permitted
TTTrinidad and Tobago   XYes.IFRSs required for all
TNTunisiaX    .IFRSs not permitted
  Domestic Listed Companies.Domestic 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
TRTurkey X Note 5  Yes.  
UGUganda X  Yes.  
UAUkraine   XYes.IFRSs required for all
UKUnited Kingdom   X Note 1No. 'As Adopted by EU'.IFRSs permitted in both consolidated and separate company statements
USUnited StatesX Note 10    .IFRSs permitted
UYUruguayX Note 4    .  
UZUzbekistanX    .IFRSs not permitted
VUVanuatuNo stock exchange in Vanuatu .IFRSs permitted
VEVenezuela   XYes.IFRSs required starting 2007.
  Domestic Listed Companies.Domestic 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
VNVietnamX    .  
VGVirgin Islands (British) X  Yes.  
VIVirgin Islands (US)No stock exchange in Virgin Islands (US). .IFRSs not permitted. Unlisted companies follow US GAAP.
PSWest Bank/Gaza   XYes.  
YEYemenNo stock exchange in Yemen .IFRSs permitted
ZMZambia X  Yes.  
ZWZimbabwe X  Yes.  
Totals for Listed Companies.Totals for Unlisted Companies
Information, to the best of our knowledge, for 169 jurisdictions for domestic listed companies:
  • IFRSs not permitted — 33 jurisdictions
  • IFRSs permitted — 23 jurisdictions
  • IFRSs required for some — 5 jurisdictions
  • IFRSs required for all — 89 jurisdictions*
  • No stock exchange — 19 jurisdictions
    *Includes 30 EU/EEA member states (Note 1) and 5 jurisdictions that have adopted full IFRS equivalents (Notes, 2 3, and 7)
Of the 117 jurisdictions (23 + 5 + 89) that permit or require IFRSs for domestic listed companies:
  • In 82 jurisdictions the audit report refers to conformity with IFRSs
  • In 30 jurisdictions the audit report refers to conformity with IFRSs as adopted by the EU
  • In 1 jurisdiction (NZ) the audit report refers to local GAAP or to IFRSs as adopted in the jurisdiction
  • In 2 jurisdictions (CA and KR) the audit report refers to local GAAP
  • In 1 jurisdiction (HK) the audit report for some companies refers to local GAAP and for other companies it refers to IFRSs
  • For 1 jurisdiction (Brazil) we do not have this information
. Of the 169 jurisdictions in table for unlisted companies:
  • IFRSs not permitted — 35 jurisdictions
  • IFRSs permitted for all or some — 38 jurisdictions
  • IFRSs required for some — 23 jurisdictions
  • IFRSs required for all — 29 jurisdictions
  • We do not have information — 44 jurisdictions

Note 1
This country is an EU/EEA member state. The audit report and basis of presentation note refer to compliance with "IFRSs as adopted by the EU". The EU has adopted virtually all IFRSs, though there is a time lag in adopting several recent IFRSs and one aspect of IAS 39 was modified. The modification affects approximately 50 EU banks following IFRSs (as adopted in the EU). The EU is also permitting the issuance of separate company financial statements marked as complying with IFRSs as adopted in the EU in circumstances contradictory to IAS 27. Click for Latest Information on which of the EU and EEA members use this option.

Note 2
Australia and New Zealand have adopted national standards that they describe as IFRS-equivalents. Those standards include the requirement from IAS 1.14 that "an entity whose financial statements comply with IFRSs shall make an explicit and unreserved statement of such compliance in the notes". In Australia this statement is made in the audit report and the notes. In New Zealand it is made in the notes.

Note 3
Hong Kong has adopted national standards that are identical to IFRSs, including all recognition and measurement options, but in some cases effective dates and transition are different. Companies that are based in Hong Kong but incorporated in another country are permitted to issue IFRS financial statements rather than Hong Kong GAAP statements.

Note 4
By law, all Uruguayan companies must follow IFRSs existing at 19 May 2004. The auditor's report refers to conformity with Uruguayan GAAP.

Note 5
Listed companies in Turkey are permitted to follow IFRSs in one of two ways due to delays in translating IFRSs into Turkish:
  • A listed company can follow the full English version of IFRSs as published by the IASB, in which case the audit report and basis of presentation footnote make an explicit statement of compliance with International Financial Reporting Standards.
  • A listed company can follow the Turkish translations of IFRSs. Because of translation delays, these companies do not comply with IFRSs, and the audit report and basis of presentation footnote state that the financial statements comply with "IFRSs as adopted for use in Turkey".

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

Note 7
Canada has adopted a plan to adopt IFRSs in full as Canadian Financial Reporting Standards effective 2011. Companies are permitted to begin using IFRSs as early as 2008 on approval of their provincial securities regulator.

Note 8
India has announced a plan to adopt IFRSs as Indian Financial Reporting Standards effective 2011.

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

Note 10
On 14 November 2008, the US SEC published for comment a proposed Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by US Issuers. Currently, domestic US SEC registrants are required to use US GAAP and are not permitted to use IFRSs.

Note 11
In adopting IFRSs as Philippines Financial Reporting Standards (PFRSs), various modifications were made to IFRSs including the following 'transition relief':
  • Reduced segment reporting disclosures
  • Exemption from applying tainting rule for a specific set of financial instruments
  • Commodity derivative contracts of mining companies as of 1 January 2005 'grandfathered'
  • Insurance companies allowed to use another comprehensive set of accounting principles (also described as Philippine Financial Reporting Standards)
  • For banks, losses from sale of non-performing assets allowed to be amortised over a period of time
  • Some additional changes to IASB's pension, foreign exchange, and leases Standards

Note 12
In August 2007, the ASBJ and the IASB agreed on a process for converging Japanese GAAP and IFRSs. 'Major differences' between Japanese GAAP and IFRSs will be eliminated by 30 June 2011. The target date of 2011 does not apply to any major new IFRSs now being developed that will become effective after 2011.

Note 13
Singapore has adopted most IFRSs essentially word for word as Singapore equivalents of IFRSs. However, they have made changes to the recognition and measurement principles in several IFRSs when adopting them as Singapore standards, and they have not adopted several other IFRSs.

Note 14
Approximately 150 Chinese companies are listed on the Hong Kong Stock Exchange. They are permitted to use IFRSs or Hong Kong FRSs. Half use IFRSs. Hong Kong is a Special Administrative Region of China.

Note 15
The Eastern Caribbean Securities Exchange (ECSE) is a regional securities market located in St Kitts. It is designed to facilitate the buying and selling of financial products – including corporate stocks and bonds and government securities – for the eight member territories of Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines.

Note 16
Malaysia has announced a plan to 'bring Malaysian GAAP into full convergence with IFRSs effective 1 January 2012.

Note 17
On 11 November 2008, the Mexican Securities and Exchange Commission (Comision Nacional Bancaria y de Valores, or CNBV) announced that all companies listed on the Mexican Stock Exchange will be required to use IFRSs starting 2012. Listed companies will have the option to use IFRSs earlier – starting as early as 2008 – subject to requirements that will be established by the CNBV.

Note 18
On 28 October 2008, the Taiwan Financial Supervisory Commission announced that it will form a task force to study the adoption of IFRSs in Taiwan. Adoption details such as the time table and the extent (public company or private company, consolidated or separate financial statements, etc) will be discussed and determined by the task force.
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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
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
AFAfghanistan      .  
ADAndorra      .  
AOAngola      .  
BIBurundi     .  
CMCameroon     .  
CFCentral African Republic     .  
TDChad     .  
CGCongo     .  
CDDemocratic Republic of the Congo     .  
DJDjibouti     .  
GQEquatorial Guinea     .  
ETEthiopia     .  
GAGabon     .  
GNGuinea     .  
GWGuinea-Bissau     .  
KPKorea (North)     .  
LRLiberia     .  
LYLibya     .  
MCMonaco     .  
NCNew Caledonia     .  
RWRwanda     .  
SNSenegal     .  
SCSeychelles     .  
SOSomalia     .  
SDSudan     .  
TOTonga     .  
TMTurkmenistan     .  
TCTurks and Caicos Islands     .  
EHWestern Sahara     .  



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