Ifrs Country Adoption

The information within summarizes data collected from various sources during January 2010 regarding the use
of,
IFRS or conversion plans to, International Financial Reporting Standards by domestic listed and unlisted companies by
country/territory.
adoption The information is summarized for illustrative purposes only and is not a complete or exhaustive assessment of
local rules and regulations. This information has been provided for general guidance, and does not constitute
professional advice. You should not act upon the information contained in this material without obtaining specific
professional advice. No representation or warranty (express or implied) is given as to the accuracy or
by country completeness of the information contained in this material and, to the extent permitted by law,
PricewaterhouseCoopers LLP, its members, employees and agents do not accept or assume any liability,
responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on
the information contained in this material or for any decision based on it.
Countries are classified according to political criteria, using the geoscheme created by the United Nations
Statistics Division.

Country directory
North America 1 Venezuela 34

Antigua and Barbuda 1 Europe 36
Aruba 2 Albania 36
Bahamas 3 Austria 37
Barbados 4 Belgium 38
Bermuda 5 Bulgaria 39
Canada 6 Cyprus 40
Cayman Islands 7 Czech Republic 41
Costa Rica 8 Denmark 42
Dominican Republic 9 Estonia 43
El Salvador 10 Finland 44
Guatemala 11 France 45
Honduras 12 Georgia 46
Jamaica 13 Germany 47
Mexico 14 Greece 49
Netherland Antilles (Bonaire, Curacao, Eustatius, Hungary 50
Saba, St. Maarten) 16 Iceland 51
Nicaragua 17 Ireland 52
Panama 18 Isle of Man 53
St. Lucia 19 Italy 54
Trinidad and Tobago 20 Lithuania 55
United States 21 Luxembourg 56
South America 23 Macedonia 57
Malta 58
Argentina 23
Moldova 59
Bolivia 24
Montenegro 60
Brazil 25
Netherlands 61
Chile 26
Norway 62
Colombia 28
Poland 63
Ecuador 29
Portugal 64
Paraguay 30
Romania 65
Peru 31
Russian Federation 66
Uruguay 33
Serbia 68
Slovak Republic 70 Equatorial Guinea 122
Slovenia 71 Gabon 123
Spain 72 Ghana 124
Sweden 74 Kenya 125
Switzerland 75 Madagascar 126
Ukraine 77 Malawi 127
United Kingdom 78 Mauritius 128
Asia 80 Morocco 129
Mozambique 130
Afghanistan 80
Namibia 131
Armenia 81
Nigeria 132
Azerbaijan 83
Republic of Congo 133
China 84
Senegal 134
Hong Kong 85
South Africa 135
India 87
Swaziland 136
Indonesia 88
Tanzania 137
Israel 89
Uganda 138
Japan 91
Zambia 139
Kazakhstan 93
Zimbabwe 140
Korea (Republic of Korea) 95
Kyrgyz Republic 96 Oceana 141
Lebanon 97 Australia 141
Macao Special Administrative Region 98 New Zealand 143
Malaysia 99
Pakistan 100
Philippines 101
Qatar 105
Saudi Arabia 106
Singapore 107
Taiwan 109
Thailand 110
Turkey 111
Uzbekistan 113
Vietnam 114
West Bank/Gaza 115
Africa 116
Angola 116
Botswana 117
Cameroon 118
Cote D'Ivoire 119
Democratic Republic of Congo 120
Egypt 121
PricewaterhouseCoopers
North America
Antigua and Barbuda North America
Local stock exchange

Eastern Caribbean Securities Exchange
http://www.ecseonline.com/
Rules for listed filings IFRS conversion plans

IFRS required or permitted for listed companies? Plans for converging
Permitted for consolidated and standalone/separate financial statements Not applicable. IFRS has been adopted by the Institute of Chartered
Accountants of the Eastern Caribbean as local GAAP.
Version of IFRS
IFRS as published by IASB Other useful websites
The Institute of Chartered Accountants of the Eastern Caribbean
Are subsidiaries of foreign companies or foreign companies listed on
http://www.icaecab.org/
local exchanges subject to different rules?
No Tax information
Are foreign companies listed on the stock exchange required to file Type of tax regime
IFRS f/s? Quasi-dependent. Taxable profit is principally based on the legal entity
No, but they are permitted to use IFRS. statutory accounts, with a number of adjustments provided in the tax law.
Rules for statutory filings

Is IFRS required or permitted for statutory filings?
While the Companies Act does not require the filing of financial
statements, the Income Tax Act requires audited standalone financial
statements to accompany the tax return. IFRS is permitted for these
standalone/separate financial statements.
Version of IFRS
IFRS as published by IASB
If applicable, which entities are required to prepare IFRS financial
statements in addition to statutory local GAAP financial statements
(i.e., dual reporting requirements)?
Not applicable
IFRS adoption by country

PricewaterhouseCoopers 1
Aruba North America
Rules for listed filings

IFRS required or permitted for listed companies?
Not applicable. There is no local exchange.

Companies in the financial services industry falling under the supervision
of the Central Bank of Aruba are required to prepare IFRS financial
statements.
All other companies are required to prepare financial statements
according to the Companys Act. However, the Company's Act does
not specify which standards must be used to prepare the financial
statements. In practice, larger companies generally apply IFRS.
Version of IFRS
IFRS as published by the IASB
Not applicable
IFRS conversion plans

Plans for converging
Not applicable
Tax information
Type of tax regime
Quasi-dependent. Taxable profit is principally based on the legal entity
statutory accounts, with a number of adjustments provided in the tax law.

Bahamas North America

The Bahamas International Stock Exchange
http://www.bisxbahamas.com/
Required for consolidated and standalone/separate financial statements Not applicable
Version of IFRS Other useful websites
IFRS as published by IASB The Bahamas Institute of Chartered Accountants
Are subsidiaries of foreign companies or foreign companies listed on http://www.bica.bs/
local exchanges subject to different rules? The Bahamas Financial Services Board
No http://www.bfsb-bahamas.com/
Are foreign companies listed on the stock exchange required to file The Central Bank of the Bahamas
IFRS f/s? http://www.centralbankbahamas.com/
Yes
Tax information
Rules for statutory filings Type of tax regime
Is IFRS required or permitted for statutory filings? Not applicable. There is no income tax in the Bahamas.
Required for statutory accounts for licensees of the Central Bank of the
Bahamas, entities listed on the BISX, and insurance companies/agents
regulated by the Insurance Commission of the Bahamas.
Version of IFRS
Not Applicable

Barbados North America
Barbados Stock Exchange
http://www.bsx.com/

Version of IFRS
Tax information
Type of tax regime
Are subsidiaries of foreign companies or foreign companies listed on Quasi-dependent. Taxable profit is principally based on the legal entity
local exchanges subject to different rules? statutory accounts, with a number of adjustments provided in the tax law.
No
Are foreign companies listed on the stock exchange required to file
IFRS f/s?
Yes

Required for consolidated and standalone/separate financial statements.
Foreign companies may use IFRS or any other approved GAAP for
statutory financial statements.
Version of IFRS
Not applicable

Bermuda North America

Bermuda Stock Exchange (BSX)
http://www.bsx.com/

Permitted for consolidated and standalone/separate financial statements Local GAAP is Canadian GAAP; as such, Bermuda will follow the
Any recognized GAAP is permitted in Bermuda. Canadian adoption time-table. However, any recognized GAAP is
allowable in Bermuda.
Version of IFRS
IFRS as published by IASB Tax information
Are subsidiaries of foreign companies or foreign companies listed on Type of tax regime
local exchanges subject to different rules? Not applicable
No Comments on tax regime
Are foreign companies listed on the stock exchange required to file Bermuda does not impose any taxes on income or capital gains.
IFRS f/s?
No, but they are permitted to use IFRS.

Permitted for consolidated and standalone/separate financial statements
Any recognized GAAP is permitted in Bermuda.
Version of IFRS
Not applicable

Canada North America
Toronto Stock Exchange
http://www.tsx.com/

Public Accountable Enterprises ("PAEs") will be required to use IFRS as See above.
published by the IASB beginning January 1, 2011. Early adoption (prior Other expected changes
to 2011) permitted for consolidated and standalone financial statements
There will be a new Canadian GAAP for non-public entities.
on application to securities regulators.
Other useful websites
Version of IFRS
Chartered Accounts of Canada
http://www.cica.ca/
local exchanges subject to different rules? Tax information
Subsidiaries of foreign companies are not subject to different rules. Type of tax regime
Foreign companies listed on local exchanges are more easily able to use Independent: Taxable profit is determined in accordance with a specific
IFRS. set of tax rules with some reliance on legal entity financial statements.
Are foreign companies listed on the stock exchange required to file Comments on tax regime
IFRS f/s? There are some instances where financial accounting could directly
No, but they are permitted to use IFRS. impact taxes (e.g., thin capitalization interest deduction, Ontario
corporate minimum tax) as well as some instances that may impact the
Rules for statutory filings determination of taxable income (e.g. revenue recognition). The Canada
Is IFRS required or permitted for statutory filings? Revenue Agency has established an advisory committee with regulatory,
The Companies Act generally requires compliance with Canadian GAAP industry and accounting representatives to consider the impacts of the
(which is slowly converging with IFRS). However, in some circumstances, adoption of IFRS.
such as filing local entity statements for income tax purposes, these
prohibitions can be overcome.
Version of IFRS
Not applicable
Not applicable

Cayman Islands North America
Cayman Islands Stock Exchange
http://www.csx.com.ky

Permitted for consolidated and standalone/separate financial statements Not applicable. There is no local standard setting body.
IFRS as published by IASB Cayman Islands Monetary Authority
Are subsidiaries of foreign companies or foreign companies listed on http://www.cimoney.com.ky/
No
Tax information
Not applicable
IFRS f/s?

Version of IFRS
Not applicable

Costa Rica North America

Bolsa Nacional de Valores (BNV)
http://www.bolsacr.com/

IFRS as published by IASB Colegio de Contadores Publicos de Costa Rica
http://www.ccpa.or.cr/
No
Type of tax regime
Are foreign companies listed on the stock exchange required to file Quasi-dependent. Taxable profit is principally based on the legal entity
IFRS f/s? statutory accounts, with a number of adjustments provided in the tax law.
Yes

Required for consolidated and standalone/separate financial statements
Version of IFRS
Not applicable

Dominican Republic North America
Bolsa de Valores de la Republica Dominicana
http://www.bolsard.com/
Rules for listed filings Companies should follow IFRS as approved by the Dominican Republic
IFRS required or permitted for listed companies? Accountants Institute (ICPARD), which differs in some aspects from IFRS
Permitted for consolidated and standalone/separate financial statements approved by the IASB. For example, the Dominican Republic was
hyperinflationary up to 2006 for IFRS purposes and was not considered
Version of IFRS hyperinflationary by the ICPARD. Additionally, the IFRS implementation
IFRS as adopted locally. was not done in consultation and in conjunction with the companies and
Companies should follow IFRS as approved by the Dominican Republic with the universities and, therefore, knowledge of IFRS in the local
Accountants Institute (ICPARD), which differs in some aspects from IFRS market is not extensive.
approved by the IASB. For example, the Dominican Republic was If applicable, which entities are required to prepare IFRS financial
hyperinflationary up to 2006 for IFRS purposes and was not considered statements in addition to statutory local GAAP financial statements
hyperinflationary by the ICPARD. (i.e., dual reporting requirements)?
Additionally, the IFRS implementation was not done in consultation and Not applicable
in conjunction with the companies and with the universities and,
therefore, knowledge of IFRS in the local market is not extensive. IFRS conversion plans
Adoption to IFRS is planned, including IFRS for SMEs that is viewed to
be much more suitable to the economic environment of the country;
No
however, to date, no formal timetable has been announced.
IFRS f/s? Tax information
Type of tax regime
Rules for statutory filings Quasi-dependent: Taxable profit is principally based on the legal entity
Version of IFRS
IFRS as adopted locally.

El Salvador North America
Bolsa de Valores de El Salvador
http://www.bves.com.sv

Permitted for consolidated and standalone/separate financial statements Full adoption of IFRS will be mandatory starting in 2011.
except for financially regulated companies.
Version of IFRS Tax information
2003 version of IFRS as published by IASB Type of tax regime
Quasi-dependent: Taxable profit is principally based on the legal entity
Are subsidiaries of foreign companies or foreign companies listed on statutory accounts, with a number of adjustments provided in the tax law.
No
IFRS f/s?
No, but they are permitted to file IFRS financial statements.

Version of IFRS
2003 version of IFRS as published by IASB
Not applicable

Guatemala North America


Permitted for standalone/separate financial statements.
Version of IFRS
Not applicable

Required adoption of IFRS is planned for 2010 calendar year ends. This
plan still needs to be approved by Congress.
Tax information
Type of tax regime
Dependent: Taxable profit is based on the legal entity statutory accounts,
with only limited adjustments to determine taxable profits.

Honduras North America

Bolsa Centroamericana de Valores, S.A.
http://www.bcv.hn

Yes. IFRS is required for financial statements of listed companies. Adoption is currently in progress. Companies will be required to adopt by
Version of IFRS 2012 with a transition date of January 1, 2011.
Are subsidiaries of foreign companies or foreign companies listed on http://www.juntec.org.hn/
No Tax information
Type of tax regime
IFRS f/s?
Yes. They are required to file IFRS financial statements.

Not applicable. No local statutory financial statement requirements.
Version of IFRS
Not applicable
Not applicable

Jamaica North America

Jamaica Stock Exchange
http://www.jamstockex.com
Yes. IFRS is required for consolidated and standalone/separate financial Not applicable
statements of all (listed and unlisted) companies.
Other expected changes
Version of IFRS The Institute of Charted Accountants of Jamaica (the body responsible
IFRS as published by IASB for setting accounting standards in Jamaica) is currently exploring
whether to adopt the IFRS for SMEs standard, and if so, to which
companies the standard would apply.
No Other useful websites
The Institute of Chartered Accountants of Jamaica
http://www.icaj.org/
IFRS f/s?
Yes. They are required to file IFRS financial statements. Tax information
Yes. IFRS is required for consolidated and standalone/separate financial
statements of all (listed and unlisted) companies.
Version of IFRS
Not applicable. All companies are required to file IFRS financial
statements.

Mexico North America
Bolsa Mexicana De Valores
http://www.bmv.com.mx/
Rules for listed filings relevant differences between these local GAAP and IFRS quantifying the
impacts should be included. Foreign financial institutions could prepare
IFRS required or permitted for listed companies? information under IFRS or other GAAP following certain specific rules.
The National Banking and Securities Commission in Mexico (CNBV for its Therefore, the adoption of IFRS becomes far more practical and less
acronym in Spanish), together with the Mexican Board for Research and costly.
Development of Financial Reporting Standards (CINIF for its acronym in
Spanish) communicated in November 2008 the plan to adopt IFRS for Rules for statutory filings
listed entities. The changes to the relevant law became effective on 27
January, 2009, amending the reporting rules for listed entities in Mexico
No. All statutory accounts must be prepared under local Mexican FRS.
except for financial institutions. The obligation is to adopt IFRS as issued
by the IASB starting for periods ending on 31 December 2012. Early Version of IFRS
application of IFRS is permitted from 2008 only if it is previously notified Not applicable
to the CNBV. Such financial statements must be audited in accordance
with the International Auditing Standards. Financial listed issuers are still If applicable, which entities are required to prepare IFRS financial
required to report using the accounting standards pronounced by the statements in addition to statutory local GAAP financial statements
competent Mexican authorities, that is, specific rules issued by the (i.e., dual reporting requirements)?
CNBV. Currently there is no plan requiring private companies to adopt Not applicable
IFRS, and therefore they continue reporting under Mexican Financial
Reporting Standards (Mexican FRS). IFRS conversion plans
Version of IFRS
The CINIF is in the process of converging all Mexican FRS by 2012 for all
private entities.
Mexican Board for Research and Development of Financial Reporting
No
Standards, AC
Are foreign companies listed on the stock exchange required to file http://www.cinif.org.mx/
IFRS f/s?
Comision Nacional Bancaria y De Valores
The CNBV also allows foreign listed issuers, except for financial http://www.cnbv.gob.mx/v
institutions, to report under US GAAP or the local standards of the
relevant entity (if they are different), but it is necessary to include a Bolsa Mexicana De Valores
document where the differences between these local standards and IFRS http://www.bmv.com.mx/
are detailed without quantifying the impact. In addition, when local
standards (different from US GAAP) are followed, a reconciliation of the

Mexico North America
Tax information
Type of tax regime
Federal Income TaxQuasi-dependent. Taxable profit is principally
based on the legal entity statutory accounts, with a number of
adjustments provided in the tax law.
Federal Flat TaxIndependent. Taxable profit is determined in
accordance with a specific set of tax rules with little or no direct reliance
on the legal entity statutory accounts of the company.

Netherland Antilles (Bonaire, Curacao, Eustatius, Saba, St. Maarten)
Netherland Antilles (Bonaire, Curacao, Eustatius, Saba, St. Maarten) North America

Dutch Caribbean Stock Exchange
http://www.dcexch.com
Not applicable. There currently are no listings on this new exchange.

Yes. IFRS is permitted for consolidated and standalone/separate
financial statements.
IFRS is required for large companies, banks, insurance companies, and
pension funds.
Version of IFRS
Not applicable.

Not applicable
Tax information
Type of tax regime
statutory accounts, with a number of adjustments provided in the
tax law.

Nicaragua North America


Version of IFRS
Not applicable

The local standard setting body has not announced any adoption or
convergence plans.
Tax information
Not available.

Panama North America

Bolsa de Valores de Panama
http://www.panabolsa.com/

Version of IFRS
Banks must follow IFRS as adopted by the local banking regulator. All
Tax information
others follow IFRS as published by IASB. Type of tax regime
Independent. Taxable profit is determined in accordance with a specific
Are subsidiaries of foreign companies or foreign companies listed on set of tax rules with little or no direct reliance on the legal entity statutory
local exchanges subject to different rules? accounts of the company.
No
IFRS f/s?
Yes

Version of IFRS
Not applicable

St. Lucia North America


Version of IFRS
Not applicable

Not applicable.
Tax information
tax law.

Trinidad and Tobago North America
Trinidad and Tobago Stock Exchange
http://www.stockex.co.tt/

IFRS as adopted locally. Note that there are no differences between local The Institute of Chartered Accountants of Trinidad and Tobago
GAAP and IFRS as published by the IASB. However, the local http://www.icatt.org/
accounting body has not yet formally adopted IFRS for use in Trinidad
and Tobago. Tax information
local exchanges subject to different rules? Quasi-dependent. Taxable profit is principally based on the legal entity
No statutory accounts, with a number of adjustments provided in the tax law.
IFRS f/s?
Yes

Version of IFRS
IFRS as adopted locally. Note that there are no differences between local
GAAP and IFRS as published by the IASB. However, the local
accounting body has not yet formally adopted IFRS for use in Trinidad
and Tobago.
Not applicable

United States North America
Local stock exchanges
The New York Stock Exchange
http://www.nyse.com/
NASDAQ
http://www.nasdaq.com/

No The SEC released its proposed written roadmap in November 2008 and
reaffirmed its commitment to one global set of accounting standards in a
Version of IFRS statement released in February 2010. The SEC also issued a work plan with
Not applicable six areas that need to be addressed to enable the SEC to make a decision in
2011 on whether to incorporate IFRS in the US public reporting structure. If
the SEC decides to incorporate IFRS, reporting under IFRS would start
approximately in 2015 or 2016. The SEC is expected to issue reports on the
Foreign private issuers may use IFRS as issued by the IASB. Companies progress on this work plan starting in October 2010. For further details, see
using standards other than US GAAP or IFRS as issued by the IASB www.pwc.com/usifrs
must reconcile back to US GAAP.
Financial Accounting Standards Board
IFRS f/s?
http://www.fasb.org/
Securities Exchange Commission
Rules for statutory filings http://www.sec.gov/
Not applicable. No local statutory financial statement requirements. Note,
Tax information
however, that unlisted (i.e. private) companies are allowed to report Type of tax regime
under IFRS as issued by the IASB or IFRS for SMEs. Independent: Taxable profit is determined in accordance with a specific
set of tax rules with little or no direct reliance on the legal entity statutory
Version of IFRS accounts of the company.
Not applicable
Not applicable

United States North America
Comments on tax regime

The US does not have a requirement to file statutory accounts. The US
has a comprehensive tax law, which provides specific rules to calculate
taxable income. There are a limited number of situations where financial
accounting directly impacts tax, e.g. the LIFO inventory method and the
recognition of advance payments. Adoption of IFRS could impact the
cash tax position of a company depending on the accounting methods
adopted and elections made under the tax law, and any future guidance
issued by the tax authorities.
th America

Argentina South America
Bolsa de Comercio de Buenos Aires (BCBA)
http://www.bcba.sba.com.ar/

No Convergence to IFRS is in progress. As part of this process, a new
Version of IFRS accounting standard was issued on March 20, 2009 (RT 26) by the
accounting regulator, FACPCE (the equivalent to the IASB in Argentina),
Not applicable
which requires publicly traded companies to apply IFRS in their local
Are subsidiaries of foreign companies or foreign companies listed on statutory reporting and gives the option to apply IFRS to non-publicly
local exchanges subject to different rules? traded companies as well. This new accounting standard will be
Yes applicable for reporting periods beginning on or after January 1, 2011.
Earlier application is not permitted.
Foreign companies listed on local exchange are able to present their
financial statements in their primary GAAP and should include in the Note, however, that this new accounting standard can only be applied by
notes to the financial statements a reconciliation to ARG GAAP. companies once it is adopted by their legal regulator. The Comisin
Nacional de Valores (CNV), which is the local securities and exchange
Are foreign companies listed on the stock exchange required to file commission, approved in December 2009 is the final resolution for public
IFRS f/s? companies to adopt IFRS as issued by the IASB in 2012 (early
No, but they are permitted to use IFRS. application is permitted in 2011). This will impact around 130 listed
Foreign companies listed on local exchange are able to present their companies plus its subsidiaries. In this first stage, financial companies
financial statements in accordance with IFRS if IFRS is their primary (banks, insurers, investment funds, etc.) are not included. Other
GAAP and should include in the notes to the financial statements a regulators (Central Bank, Superintendency of Insurers, etc.) have not
reconciliation to ARG GAAP. announced any adoption plans.
Rules for statutory filings Comision Nacional de Valores (CNV)
Is IFRS required or permitted for statutory filings? http://www.cnv.gov.ar/
No
Version of IFRS
Tax information
Not applicable Type of tax regime
If applicable, which entities are required to prepare IFRS financial statutory accounts, with a number of adjustments provided in the tax law.
Not applicable

Bolivia South America

Bolsa Boliviana de Valores S.A.
http://www.bbv.com.bo/

No The Association of Auditors and Accountants of Bolivia (CACB) has for
several years been preparing a local standard framework convergent with
Version of IFRS IFRS with the support of the International Bank of Development. The
Not applicable technical body of the CACB, the Technical Council of Auditors and
Are subsidiaries of foreign companies or foreign companies listed on Accountants of Bolivia, performed the steps necessary for Bolivia to fully
local exchanges subject to different rules? converge with IFRS from January 1, 2010. The CACB in December 2009
No issued a draft of the 15 standards that must be approved in the near
future by the Authority of Fiscalisation and Social Control of Enterprises
Are foreign companies listed on the stock exchange required to file of Bolivia (government accounting standard setter) before their
IFRS f/s? mandatory application. These standards are IASs 1, 2, 8, 10, 16, 17, 18,
No 21, 23, 27, 29, 37 and 41, and IFRSs 5 and 7. It is expected that, in
2010, the CACB jointly with the government accounting standard setter
Rules for statutory filings will issue and approve the rest of the IFRSs issued internationally.
No Tax information
Type of tax regime
Version of IFRS
Not applicable
Only companies that are subsidiaries of foreign parent companies (who
are IFRS preparers) are required to prepare both statutory local GAAP
and IFRS financial statements (for consolidation purposes).

Brazil South America
BOVESPA
http://www.bovespa.com.br
Rules for listed filings If applicable, which entities are required to prepare IFRS financial
IFRS required or permitted for listed companies? (i.e., dual reporting requirements)?
Permitted for consolidated financial statements Not applicable
Note also that Novo Mercado index companies are required to present
IFRS or US GAAP financials two years after being listed. IFRS conversion plans
Version of IFRS
Brazil is planning on adopting IFRS in 2010 for consolidated financial
IFRS as published by IASB. Note, however, that some accounting
statements of listed companies and financial institutions. Current
options available under IFRS may be restricted (for example ongoing
regulation will require IFRS for insurance companies in 2010 as well.
revaluations are not permitted). Additionally, companies must use
Brazilian GAAP will also continue to converge with IFRS through 2010.
Brazilian GAAP accounting policies where they are acceptable under
IFRS. Other expected changes
Are subsidiaries of foreign companies or foreign companies listed on Significant progress towards convergence with IFRS was made in
local exchanges subject to different rules? Brazilian GAAP standards applicable for 2008 financial statements
(approximately 400 pages of new standards). A further 26 Brazilian
No
GAAP standards were issued during 2009 and early 2010 applicable for
Are foreign companies listed on the stock exchange required to file 2010 financial statements. The Brazilian GAAP standards are in many
IFRS f/s? ways similar to the equivalent IFRSs although there are some restrictions
No on choices permitted under IFRS (e.g. the revaluation model for PPE is
not permitted) and certain other differences (e.g. the transition rules for
Rules for statutory filings first time adoption; the requirement for equity accounting for investments
Is IFRS required or permitted for statutory filings? in subsidiaries in parent company individual financial statements).
Permitted for consolidated financial statements. It is not currently Other useful websites
permitted for standalone/statutory filings. Comit de Pronuncaimentos Contbeis
Private companies may choose to follow the rules for listed companies http://www.cpc.org.br/
which permit the use of IFRS for consolidated financial statements. Securities and Exchange Commission of Brazil
Version of IFRS http://www.cvm.gov.br
Tax information
Type of tax regime
Chile South America
Bolsa de Comercio de Santiago
http://www.bolsadesantiago.com/
Rules for listed filings Are subsidiaries of foreign companies or foreign companies listed on
IFRS required or permitted for listed companies? No
Chile is in the process of converting to IFRS. Starting in 2009, main listed
companies (those with a high level of transactions) are required to use Are foreign companies listed on the stock exchange required to file
IFRS (as published by the IASB). There are 176 companies in this IFRS f/s?
situation (plus their subsidiaries). These companies can choose between Foreign companies follow the same rules as domestic companies.
two alternatives during 2009:
Full IFRS consolidated FS (2009 with 2008 comparative figures,
restated to IFRS). In this case, the transition date is January 1, 2008. Is IFRS required or permitted for statutory filings?
As required by the law, listed companies must use the same GAAP for
IFRS "pro-forma" consolidated FS (only with the 2009 figures). In this both purposes, filings to the stock regulator and for statutory purposes.
case, the transition date is January 1, 2009 and the company See Rules for listed filings.
must file Full Chilean GAAP financial statements (2009 + 2008
comparative) plus the 2009 IFRS pro forma. The "official/legal" set of Version of IFRS
FS is Chilean GAAP. IFRS as published by IASB except for banks (who use a special set of
standards issued by the regulator and based on IFRS).
Starting in 2009, other listed companies are now permitted to use IFRS
(use of IFRS will be mandatory starting 2010). The main differences between SBIF and IFRS as published by IASB are
the bad debt allowance calculations (banks will follow local rules based
Additionally, starting on January 1, 2009, banks are now required to use on categorization and patterns imposed by the bank regulator
a special set of standards issued by the regulator (SBIF), based on ("Superintendencia de Bancos e Instituciones Financieras")), the
IFRS. disclosure schemes and comparative information.
See conversion plans for further details. If applicable, which entities are required to prepare IFRS financial
Version of IFRS statements in addition to statutory local GAAP financial statements
IFRS as published by IASB except for banks (who use a special set of (i.e., dual reporting requirements)?
standards issued by the regulator and based on IFRS) Certain listed companies are required to prepare IFRS financial
statements starting in 2009 in addition to local GAAP statutory accounts.
The main differences between SBIF and IFRS as published by IASB are
the bad debt allowance calculations (banks will follow local rules based See above.
on categorization and patterns imposed by the bank regulator
("Superintendencia de Bancos e Instituciones Financieras")), the
disclosure schemes and comparative information.

Chile South America
Starting in 2010, large, listed companies who are required to file IFRS
financial statements may use those financial statements for statutory
filings (and will no longer have to produce two sets of financial
statements).
Other listed companies will be required to adopt IFRS starting January 1,
2010.
It is expected that unlisted companies will be required to adopt in either
2011 (certain regulated companies) or 2012 (most unregulated medium
and small sized companies). Currently, IFRS is permitted but not
required.
Insurance companies, brokers and funds will be required to adopt starting
January 1, 2010.
Superintendencia Valeres y Seguros
http://www.svs.cl/
Colegio de Contadores de Chile
http://www.contach.cl/
Tax information
Type of tax regime
Generally the computation of taxable profits is based on the statutory
accounting profits with certain adjustments. The Chilean tax authority has
declared that the adoption of IFRS for financial reporting purposes should
have no direct impact on income taxes. Taxpayers should analyze and
eliminate IFRS adjustments in computing taxable profits.

Colombia South America
Bosa de Valores de Colombia
http://www.bvc.com.co/

No Adoption of IFRS is currently in the early phases of discussion.
Not applicable PwC Colombia website
http://www.pwc.com/co
No
Type of tax regime
No

No
Version of IFRS
Not applicable
Not applicable

Ecuador South America
Bolsa de Valores de Guayaquil
http://www.mundobvg.com/
Bolsa de Valores de Quito
http://www.ccbvq.com/
Rules for listed filings Version of IFRS

Ecuador is in the process of adopting IFRS. Starting in 2010, all listed If applicable, which entities are required to prepare IFRS financial
companies, except financial institutions, are required to use IFRS as statements in addition to statutory local GAAP financial statements
published by the IASB and translated into Spanish. Independent auditing (i.e., dual reporting requirements)?
firms will also be required to use IFRS. Comparative 2009 financial Not applicable
statements will be required.
Version of IFRS
IFRS as published by the IASB (and translated into Spanish). Plans for converging
In November 2008, the Superintendency of companies published a
Are subsidiaries of foreign companies or foreign companies listed on resolution stating that all listed companies (except financial institutions)
local exchanges subject to different rules? and firms of independent auditors (approximately 270 companies) should
Not currently. See conversion plans below. adopt IFRS as published by the IASB in 2010 (with 2009 comparatives
Are foreign companies listed on the stock exchange required to file required). Branches of foreign companies and all companies with assets
IFRS f/s? >= US$4 million (approximately 1,600 companies) will adopt in 2011 (with
All listed companies follow the same rules as domestic companies. 2010 comparatives required). All remaining companies (approximately
32,000 companies) will adopt in 2012 (with 2011 comparatives required).
Rules for statutory filings Other useful websites
Is IFRS required or permitted for statutory filings? Superintendency of companies
Starting in 2010, all listed companies' statutory filings, except financial http://www.supercias.gov.ec
institutions, are required to use IFRS as published by the IASB and
translated into Spanish. Independent auditing firms will also be required Tax information
to use IFRS. Comparative 2009 financial statements will be required. Type of tax regime

Paraguay South America
Bolsa de Valores y Productos de Asuncion
(BVPASA)
http://www.bvpasa.com.py/
Rules for listed filings Tax information

IFRS required or permitted for listed companies? Not available
No
Version of IFRS
Not applicable
No
IFRS f/s?
No

No
Version of IFRS
Not applicable
Not applicable

The National Stock Commission, the Superindendencia de Bancos and
the Superintendencia de Seguros, is analyzing the future adoption of
IFRS (Paraguay must adhere to the standards adopted by the other
member countries of Mercosur). It originally planned to adopt IFRS in
2010, but it is more than likely that the adoption will be delayed.
Peru South America
Bolsa de Valores de Lima
http://www.bvl.com.pe/
Rules for listed filings Are foreign companies listed on the stock exchange required to file
IFRS f/s?
IFRS required or permitted for listed companies? Yes (in accordance with IFRS as approved by the Peruvian Accounting
Required for consolidated and standalone/separate financial statements Setter)
Version of IFRS Rules for statutory filings
IFRS as adopted locally Is IFRS required or permitted for statutory filings?
According to Peruvian Law, entities' financial statements must be Required for consolidated and standalone/separate financial statements
prepared according with IFRS as approved by the Peruvian Accounting
Peruvian GAAP as established by the law are IFRS as approved by the
Setter. For the preparation of the 2009 financial statements, all standards
Peruvian Accounting Setter. All companies in Peru must adhere to IFRS
up to IFRS 8 have been approved. However, revisions to standards and
whether they are listed or unlisted. However, private companies are not
interpretations made in 2003 and subsequently are still pending approval.
required to file their financial statements before any Control or
Although legally, the Peruvian accounting framework is based on IFRS, Supervisory Government Entity, neither audited nor unaudited (except for
the following main differences, inter alia, are observed: i) Restatement of financial institutions and Pension Funds, regulated by the
financial statements by inflation during the period between 1998 and Superintendencia de Banca Seguros y AFP-SBS). For tax purposes,
2004 during which the Peruvian economy did not qualify as entities must file their tax returns that must derive from their financial
hyperinflationary, ii) timing of approval of new, revised and amended statements under Peruvian GAAP.
standards, iii) improper recognition of new standards (generally new
Version of IFRS
standards are adopted prospectively), iv) lack of compliance with full
IFRS as adopted locally .
disclosure requirements, and v) lack of compliance with full requirements
of standards (i.e., accelerated depreciation, lack of determination of According to Peruvian Law, entities' financial statements must be
residual values) deemed, by entities, to be immaterial. As such, prepared according with IFRS as approved by the Peruvian
companies' management refer to their accounting principles in notes to Accounting Standard Setter. For the preparation of the 2009 financial
their financial statements as "Peruvian GAAP, which correspond to IFRS statements, all standards up to IFRS 8 have been approved. However,
as approved by the Peruvian Accounting Setter." revisions to standards and interpretations made in 2003 and
subsequently are still pending approval.
No

Peru South America
Although legally, the Peruvian accounting framework is based on IFRS, Tax information
the following main differences, inter alia, are observed: i) Restatement of Type of tax regime
financial statements by inflation during the period between 1998 and
2004 during which the Peruvian economy did not qualify as
hyperinflationary, ii) timing of approval of new, revised and amended
standards, iii) improper recognition of new standards (generally new Comments on tax regime
standards are adopted prospectively), iv) lack of compliance with full Peru has adopted IFRS as adapted locally, however companies are
disclosure requirements, and v) lack of compliance with full requirements required to file their tax returns based on Peruvian GAAP. This means
of standards (i.e., accelerated depreciation, lack of determination of that IFRS adoption has had little impact on taxable income. There are,
residual values) deemed, by entities, to be immaterial. As such, however, areas that IFRS influences the tax position where the Peruvian
companies' management refer to their accounting principles in notes to Tax Law does not specify a different treatment.
their financial statements as "Peruvian GAAP, which correspond to IFRS
as approved by the Peruvian Accounting Setter."
Not applicable

CONASEV (the Peruvian equivalent of the SEC), is planning to issue a
rule that will require full conversion of local GAAP and IFRS for all listed
and public companies in Peru. It is expected that 2010 will be the
transition year. Additionally, the Peruvian Accounting Standard Setter
plans to require use of IFRS for SMEs for the preparation of financial
statements for all private companies meeting certain criteria. These
criteria are still under discussion.
Contaduria General de la Nacion
http://www.contaduria.gov.co/

Uruguay South America
Bolsa de Valores de Montevideo
http://www.bvm.com.uy/

In July 2007, a national decree was approved which established that In July 2007, a national decree was approved which established that
IFRS in force at July 2007 will be mandatory for fiscal years beginning on IFRS in force at July 2007 will be mandatory for fiscal years beginning on
or after January 1, 2009. A national uniform chart of financial statements or after January 1, 2009. A national uniform chart of financial statements
(i.e., a presentation/disclosure accounting standard related to financial (i.e., a presentation/disclosure accounting standard related to financial
statements) remains in force. Additionally, a national solution is under statements) remains in force. Additionally, a national solution is under
discussion for (1) consolidation requirements and (2) for inflation discussion for (1) consolidation requirements and (2) for inflation
adjustment requirements. For banking and other financial institutions, adjustment requirements. For banking and other financial institutions,
local GAAP are established by the Central Bank and remains unchanged. local GAAP are established by the Central Bank and remains unchanged.
IFRS as adopted locally Auditoria Interna de la Nacion
http://www.ain.gub.uy/
No
Type of tax regime
Foreign listed companies are subject to the same rules as domestic listed
companies.

No
Version of IFRS
Not applicable
Not applicable

Venezuela South America
Bolsa de Valores de Caracas
http://www.bolsadecaracas.com/

IFRS required or permitted for listed companies? IFRS as adopted locally
Permitted for consolidated and standalone/separate financial statements Unlisted companies should follow IFRS as approved by the Venezuelan
All listed companies (domestic or foreign) legally have two reporting Accounting Standards Setter. IAS 29 is of mandatory application when
options: 1) Reporting under IFRS and 2) Reporting under the National the inflation is above 10% yearly. Also, there could be differences in the
Stock Market Regulator rules (Comisin Nacional de Valores). It is timing of approval, and currently IAS 1 (revised in 2007), IAS 7
expected that by 2011 all listed companies will be required to use IFRS. (improvements 2008), IAS 8 (improvements 2008), IAS 10
(improvements 2008), IAS 12 (improvements 2008), IAS 16
Version of IFRS (improvements 2008), IAS 18 (improvements 2008), IAS 19
IFRS as published by IASB (improvements 2008), IAS 20 (improvements 2008), IAS 23 (revised
Are subsidiaries of foreign companies or foreign companies listed on 2008), IAS 27 (improvements 2008), IAS 28 (improvements 2008), IAS
local exchanges subject to different rules? 29 (improvements 2008), IAS 31 (improvements 2008), IAS 32
No (improvements 2008), IAS 34 (improvements 2008), IAS 36
(amendments 2007 and improvements 2008), IAS 38 (improvements
Are foreign companies listed on the stock exchange required to file 2008), IAS 39 (improvements 2008), IAS 40 (improvements 2008), IAS
IFRS f/s? 41 (improvements 2008), IFRS 1 (improvements 2008), IFRS 3 (revised
No, but they are permitted to use IFRS. 2008), IFRS 5 (improvements 2008), IFRS 7 (improvements 2008), IFRS
8, IFRIC 12, 13, 14, 15 and 16 pronouncements are pending approval.
Rules for statutory filings If applicable, which entities are required to prepare IFRS financial
Is IFRS required or permitted for statutory filings? statements in addition to statutory local GAAP financial statements
Required for large entities starting for years ending December 31, 2008, (i.e., dual reporting requirements)?
and for middle/small entities in 2010. Middle and small entities will be For banks, from 2010 on, in addition to statutory financial statements
required to adopt IFRS for SMEs with the exception that adjusting the prepared in accordance with the regulator's accounting rules,
financial statements for inflation will be mandatory when the yearly supplemental financial statements will be required in accordance with
inflation is above 10%. A delay in the adoption for middle and small locally approved IFRS.
entities is currently being discussed. It is expected that adoption will be
optional in 2010 and mandatory in 2011.

Venezuela South America
convergence plans.
Federacin de Colegios de Contadores Pblicos de Venezuela
http://www.fccpv.org/
Comision Nacional de Valores (Local regulator for listed companies)
http://www.cnv.gob.ve/
Tax information
Type of tax regime
The adoption of IFRS could impact the taxable income in the year of
adoption.

Europe
Albania Europe
Tirana Stock Exchange
http://www.tse.com.al/

IFRS required or permitted for listed companies? IFRS as published by IASB
Required for consolidated and standalone/separate financial statements If applicable, which entities are required to prepare IFRS financial
IFRS as published by IASB (i.e., dual reporting requirements)?
Commercial Banks, financial Institutions, insurance and reinsurance
Are subsidiaries of foreign companies or foreign companies listed on companies, securities fund and investment companies are required to
local exchanges subject to different rules? also prepare financial statements based on regulatory requirements for
No regulatory reporting (in addition to the statutory financial statements) in
Are foreign companies listed on the stock exchange required to file accordance with IFRS.
IFRS f/s?
companies. Plans for converging
Not applicable
Rules for statutory filings Other useful websites
Is IFRS required or permitted for statutory filings? Institute of Chartered Certified Accountants
IFRS is required for companies in certain industries and for companies http://www.ieka.org.al/
that meet certain size requirements.
Ministry of Finance
Companies which exceed the following criteria simultaneously in the two http://www.minfin.gov.al/
preceding years must prepare IFRS financial statements: 1. annual
turnover exceeded ALL 1,250,000,000 (approx. Euro 10.3 million); Bank of Albania
2.average number of employees per year exceeded 100. Additionally, http://www.bankofalbania.org/
commercial banks, financial Institutions, insurance and reinsurance
companies, securities fund and investment companies are required to
Tax information
also prepare financial statements based on regulatory requirements for Type of tax regime
regulatory reporting (in addition to the statutory financial statements) in Quasi-dependent: Taxable profit is principally based on the legal entity
accordance with IFRS. statutory accounts, with a number of adjustments provided in the tax law.

Austria Europe

Vienna Stock Exchange (Wiener Brse)
http://www.wienerborse.at

Required for consolidated financial statements Not applicable
Note that additionally, the Austrian Commercial Code Other useful websites
(Unternehmensgesetzbuch) permits IFRS for consolidated financial Austrian Financial Reporting and Auditing Committee
statements of non-listed companies. http://www.afrac.at
IFRS as adopted by the EU
Type of tax regime
Are subsidiaries of foreign companies or foreign companies listed on Quasi-dependent: Taxable profit is principally based on the legal entity
No
IFRS f/s?
Yes

Required for consolidated financial statements only. It is not permitted for
Version of IFRS
Not applicable

Belgium Europe
NYSE Euronext
http://www.euronext.com/
The stock exchange in Brussels, Belgium operates one main EU Version of IFRS
regulated exchange, NYSE Euronext Brussels. There is also another Not applicable. Belgium accounting law must be followed.
market, Alternext Brussels, for small and medium sized companies. If applicable, which entities are required to prepare IFRS financial
Companies listed on Alternext are not subject to EU directives and statements in addition to statutory local GAAP financial statements
benefit from a lighter regulatory listing and periodic reporting regime (e.g. (i.e., dual reporting requirements)?
no IFRS requirement).
Not applicable
Required for consolidated financial statements of companies listed on
NYSE Euronext. Also required for consolidated financial statements
convergence plans.
of all credit institutions and investment companies.
IFRS is also permitted for consolidated financial statements of non-listed
Banking, Finance and Insurance Commission
companies (irrevocable choice).
(website of the local exchange regulator)
Version of IFRS http://www.cbfa.be/
Commissie voor Boekhoudkundige Normen/Commission des Normes
Are subsidiaries of foreign companies or foreign companies listed on Comptables
local exchanges subject to different rules? (website of the local standard setter)
No http://www.cnc-cbn.be/
Are foreign companies listed on the stock exchange required to file Tax information
IFRS f/s?
Yes Type of tax regime
Rules for statutory filings statutory accounts, with a number of adjustments provided in the tax law.
Is IFRS required or permitted for statutory filings? Comments on tax regime
IFRS is prohibited for the preparation of statutory financial statements, Taxable profits are quasi-dependent on statutory accounts which are
except for real estate investment trusts for which it is required (IFRS generally kept under Belgian GAAP. There are instances where
as adopted by the EU). interpretation of Belgian GAAP is influenced by IFRS. Adoption of IFRS
for statutory purposes is not yet anticipated.

Bulgaria Europe
Bulgarian Stock Exchange
http://www.bse-sofia.bg/

Version of IFRS
Tax information
Type of tax regime
No
IFRS f/s?
companies.
Permitted for consolidated and standalone/separate financial statements.
Required for some entities based on industry/size.
Required for all financial institutions and for companies that meet two of
the following three criteria: (1) total assets > Euro 4 million; (2) net
income > Euro 7.5 million; (3) average personnel > 250 people.
Otherwise, companies must prepare statutory filings in accordance with
Bulgarian GAAP.
Version of IFRS
Not applicable

Cyprus Europe
Cyprus Stock Exchange
http://www.cse.com.cy/en/default.asp

Version of IFRS Other expected changes
IFRS as adopted by the EU There is a possibility that IFRS for SMEs may be adopted in 2010.
Are subsidiaries of foreign companies or foreign companies listed on Other useful websites
local exchanges subject to different rules? The Institute of Certified Public Accounts of Cyprus
No http://www.icpac.org.cy/icpac.nsf/dttindex_en/dttindex_en?
Are foreign companies listed on the stock exchange required to file OpenDocument/
IFRS f/s? Cypress Securities and Exchange Commission
Foreign listed companies are subject to the same rules as domestic listed http://www.cysec.gov.cy/publiccompanies_en.aspx/
companies.
Tax information
Type of tax regime
Is IFRS required or permitted for statutory filings? Quasi-dependent. Taxable profit is principally based on the legal entity
Required for consolidated and standalone/separate financial statements statutory accounts, with a number of adjustments provided in the tax law.
Version of IFRS Comments on tax regime
IFRS as adopted by the EU Among others, there is a difference in the tax treatment of certain IFRS 2
If applicable, which entities are required to prepare IFRS financial and IAS 39 transactions.
Not applicable

Czech Republic Europe

Prague Stock Exchange
http://www.pse.cz/

Required for consolidated and standalone/separate financial statements The local standard setting body has not announced any adoption or
convergence plans.
Version of IFRS
IFRS as adopted by the EU Tax information
local exchanges subject to different rules? Quasi-dependent: Taxable profit is principally based on the legal entity
Yes. Listed entities located outside the EU are permitted to prepare their statutory accounts, with a number of adjustments provided in the tax law.
financial statements in accordance with other commonly known
international standards (e.g. US GAAP).
IFRS f/s?
No

Permitted for consolidated financial statements. It is not permitted for
Version of IFRS
Not applicable

Denmark Europe

OMX Nordic Exchange, Copenhagen
http://nasdaqomxnordic.com/
Secondary exchange is Dansk AMP (A European
Regulated Market Place)
http://danskamp.dk/

Required for consolidated financial statements. Permitted for Not applicable
Tax information
Version of IFRS
Type of tax regime
Independent: Taxable profit is determined in accordance with a specific
Are subsidiaries of foreign companies or foreign companies listed on set of tax rules with little or no direct reliance on the legal entity statutory
local exchanges subject to different rules? account.
No
IFRS f/s?

Version of IFRS
Not applicable

Estonia Europe

Tallinn Stock Exchange
http://www.nasdaqomxbaltic.com/

Required for consolidated and standalone/separate financial statements. Not applicable. IFRS is permitted for all entities, and Estonian GAAP is
Version of IFRS essentially a simplified version of IFRS.
IFRS as adopted by the EU Other useful websites
Are subsidiaries of foreign companies or foreign companies listed on Estonian Accounting Standards Board
local exchanges subject to different rules? http://easb.ee/?lang=en/
No Tax information
IFRS f/s? Independent. Taxable profit is determined in accordance with a specific
Yes set of tax rules with little or no direct reliance on the legal entity statutory
accounts of the company.
Profits are taxed upon their distribution. The amount of distributable profit
Required for financial institutions (banks, insurance companies, etc.) and
is determined based on the Estonian GAAP principles of which are
permitted for other companies (consolidated and standalone/separate
generally in line with IFRS.
financial statements). Companies not reporting under IFRS use Estonian
GAAP (essentially a simpler version of IFRS).
Version of IFRS
Not applicable

Finland Europe
NASDAQ OMX Helsinki
http://www.nasdaqomx.com/

Required for consolidated financial statements. Permitted for The local standard setting body has not announced any adoption or
standalone/separate financial statements. conversion plans.

IFRS as adopted by the EU European Financial Reporting Advisory Group
http://www.efrag.org/
local exchanges subject to different rules? Financial Supervision Authority; Supervision of Financial Reporting
No (IFRS)
http://www.finanssivalvonta.fi/en/Pages/Default.aspx/
Foreign companies should use IFRS unless the issuer's historical Type of tax regime
financial information is prepared in accordance with the generally
accepted accounting principles of Japan, USA, China, Canada, Korea or
India.

Version of IFRS
(i.e., dual reporting requirements)? Consolidated financial statements of
listed companies are required to be prepared under IFRS. Unlisted
foreign companies are not required to prepare IFRS financial statements.

France Europe
AMF CAC 40 and SBF 120
http://www.amf-france.org/

Required for consolidated financial statements Not applicable
Version of IFRS
Tax information
Type of tax regime
No
IFRS f/s?
No, however non-European Economic Area (EEA) companies issuing
prospectuses into the EEA or meeting their ongoing financial reporting
requirements where their securities are traded on an EEA regulated
exchange are permitted to use IFRS as published by
the IASB.

No
Version of IFRS
Not applicable
Consolidated financial statements of listed companies

Georgia Europe

Georgian Stock Exchange
http://www.gse.ge/

IFRS as adopted locally (IFRS 2007 edition is translated and adopted in Georgian Federation of Professional Accountants and Auditors (GFPAA)
Georgia) http://www.gfpaa.ge/
Tax information
No Type of tax regime
Are foreign companies listed on the stock exchange required to file statutory accounts, with a number of adjustments provided in the tax law.
IFRS f/s?
Yes. There is no differentiation between local and foreign companies.

Version of IFRS
IFRS as adopted locally (IFRS 2007 edition is translated and adopted in
Georgia)
Banks, insurance companies, special state foundations, stock
exchanges, large LLCs, security issuers and investor institutions are
required to prepare IFRS financial statements.

Germany Europe
FWB/XETRA/EUREX
http://www.boerse-frankfurt.de/
Smaller exchanges also exist in Germany, including Berliner Boerse
(http://www.equiduct-trading.com/home/home.asp), Boerse Dusseldorf
(http://www.boerse-duesseldorf.de/), Boerse Hamburg
(http://www.boersenag.de/), Boerse Hannover (http://
www.boersenag.de/), Boerse Munchen (http:// www.boerse-
muenchen.de/), Boerse Stuttgart (http://www.boerse-stuttgart.de/)

IFRS required or permitted for listed companies? IFRS as adopted by the EU. Statutory accounts must be prepared in
Required for consolidated financial statements accordance with local GAAP (HGB).
Version of IFRS If applicable, which entities are required to prepare IFRS financial
IFRS as adopted by the EU statements in addition to statutory local GAAP financial statements
Are subsidiaries of foreign companies or foreign companies listed on Consolidated financial statements of listed companies
Yes. The European Union has granted equivalence in relation to certain IFRS conversion plans
third country GAAPs under the Prospectus and Transparency Directives, Plans for converging
granting issuers using US, Japanese, Chinese, Canadian, SS. Korean
Not applicable
and Indian GAAP a permanent (US, Japan) or temporary (China,
Canada, S. Korea, India) exemption from having to file IFRS financial Other expected changes
statements, as long as the overseas parent whose subsidiary is listed on As of January 1, 2010, German Statutory GAAP (HGB) has been
an EU exchange uses and publishes financial statements under one of updated to be more similar to IFRS than it had previously been. While
the GAAPS mentioned above. more similar, substantial differences between German statutory GAAP
Are foreign companies listed on the stock exchange required to file and IFRS still remain.
IFRS f/s? Other useful websites
Foreign listed companies are subject to the same rules as domestic listed Accounting Standards Committee of Germany
companies. http://www.standardsetter.de/drsc/news/news.php/

Permitted, for standalone financial statements as long as additionally,
local GAAP (HGB) consolidated financial statements are prepared and
filed.

Germany Europe
Tax information
Type of tax regime
The determination of the taxable profit starts with the legal entity statutory
profit. German tax law then provides for certain adjustments. There is
currently a draft bill with significant changes to the German statutory rules
which is moving towards an IFRS approach. The tax authorities have
stated that the resultant major changes to the accounting rules will not be
included in the calculation of taxable profits. As a result, it is possible that
the adoption of IFRS for German statutory purposes would reduce the
dependency of statutory profit and taxable income.

Greece Europe

Athens Exchange
http://www.ase.gr/

IFRS as adopted by the EU The Hellenic Capital Market Commission
http://www.hcmc.gr/
No
Type of tax regime
Are foreign companies listed on the stock exchange required to file Quasi-dependent: Taxable profit is principally based on the legal entity
Yes

Version of IFRS
Not applicable. All companies prepare one set of statutory financial
statements under either IFRS (if listed or opts to) or Greek GAAP.

Hungary Europe
Budapest Stock Exchange
http://www.bse.hu/

Required for consolidated financial statements; permitted for The local standard setting body has not announced any adoption or
standalone/separate financial statements. conversion plans.
If IFRS is utilized, Hungarian Accounting Regulation (HAR) financial Tax information

statements must also be prepared and filed with the Court of Registry.
Type of tax regime
Version of IFRS Quasi-dependent: Taxable profit is principally based on the legal entity
IFRS as adopted by the EU statutory accounts, with a number of adjustments provided in the tax law.
Are subsidiaries of foreign companies or foreign companies listed on Comments on tax regime
local exchanges subject to different rules? Taxable profits are quasi-dependent on the statutory accounts, however
Yes. Non-listed subsidiaries of EU listed entities are exempt from the companies are required to file their tax returns based on the local GAAP.
preparation of consolidated financial statements. This means that IFRS adoption will have little impact on taxable profits.
IFRS f/s?
Yes

Permitted for consolidated and standalone/separate financial statements;
however, if IFRS is utilized, local GAAP financial statements must also be
prepared and filed with the Court of Registry.
Version of IFRS
Consolidated financial statements of listed companies

Iceland Europe

Nasdaq OMX
http://www.nasdaqomxnordic.com/

Required for consolidated and standalone/separate financial statements The local standard setting body has not announced any adoption or
conversion plans.
Version of IFRS
IFRS as adopted by the EU Other expected changes
While there are no formal conversion plans, local GAAP has been
Are subsidiaries of foreign companies or foreign companies listed on moving towards IFRS.
Rikisskattstjori
Are foreign companies listed on the stock exchange required to file http://www.rsk.is/fyrirtaekjaskra/
IFRS f/s?
Yes Tax information
Is IFRS required or permitted for statutory filings? statutory accounts, with a number of adjustments provided in the tax law.
Permitted for standalone/separate financial statements
Version of IFRS IFRS adoption adjustments are taken into taxable income in the year of
IFRS as adopted by the EU adoption.
Not applicable

Ireland Europe
Irish Stock Exchange
http://www.ise.ie/

Required for consolidated financial statements; permitted for Ireland follows the UK's financial reporting rules. UK ASB has
standalone/separate financial statements. incorporated into UK GAAP some IFRS. Certain of the standards (e.g.,
local equivalent of IAS 39) only apply to some entities (e.g., listed
Version of IFRS entities, those wanting to use fair value rules). Other standards not
IFRS as adopted by the EU Converged yet (e.g., impairment, goodwill). The UK ASB launched a
Are subsidiaries of foreign companies or foreign companies listed on discussion paper in August 2009 which proposes to replace UK GAAP
local exchanges subject to different rules? with IFRS for SMEs. Companies, other than those required to adopt full
Yes. Foreign companies need not use IFRS for their consolidated IFRS (i.e. listed entities in consolidated financial statements and
accounts. publically accountable entities), will have the option of applying full IFRS
or IFRS for SMEs. Under this proposal, companies currently reporting
Are foreign companies listed on the stock exchange required to file under UK GAAP would need to adopt either full IFRS or IFRS for SMEs
IFRS f/s? in years from January 1, 2012. This means that a company with a
No, but they are permitted to use IFRS. December year end will need an opening balance sheet under IFRS at
January 1, 2011. The timetable for this proposed change is still under
Rules for statutory filings discussion. The discussion paper comment period closed in February
Is IFRS required or permitted for statutory filings? 2010.
Permitted for consolidated and standalone/separate financial statements Other useful websites
Version of IFRS Accounting Standards Board
IFRS as adopted by the EU http://www.frc.org.uk/asb
If applicable, which entities are required to prepare IFRS financial Tax information
Type of tax regime
Consolidated financial statements of listed companies.
Transitional arrangements are in place to spread any tax adjustment in
respect of double deduction of expenses or double taxation of income
over a five year period.

Isle of Man Europe


Version of IFRS
Not applicable

N/Athere is no local standard setting body.
Financial Supervision Commission
http://www.fsc.gov.im/
Tax information
The Isle of Man operates a tax rate of 0% on all companies with the
exception of banks and those companies who derive their profits from
Isle of Man land or property.

Italy Europe
Borsa Italiana spa
http://www.borsaitalia.it/

IFRS required or permitted for listed companies? IFRS as adopted by the EU
IFRS as adopted by the EU (i.e., dual reporting requirements)?
No. Foreign companies (other than banks and insurance companies) not
Are subsidiaries of foreign companies or foreign companies listed on listed on the Italian stock exchange are not required to prepare IFRS
local exchanges subject to different rules? financial statements.
No. All companies (i.e. local and foreign companies) listed on Italian
stock exchange are required to file IFRS financial statements. IFRS conversion plans
Are foreign companies listed on the stock exchange required to file Plans for converging
IFRS f/s? Partial convergence originally planned for the second half of 2009 has
Yes. All companies (i.e. local and foreign companies) listed on Italian now been postponed. A new timetable has not yet been finalized.
stock exchange are required to file IFRS financial statements.
Rules for statutory filings Organismo Italiano di Contabilita
http://www.fondazioneoic.it/
Required for consolidated banks and insurance companies. Required for Borsa Italiana
standalone banks. Required for standalone Insurance companies only if http://www.borsaitaliana.it/
consolidated financial statements are not prepared.
Tax information
Permitted for all other consolidated financial statements. If that option is
Type of tax regime
taken for consolidated financial statements, then also permitted for
standalone financial statements.

Lithuania Europe
NASDAQ OMX OMX Nordic Exchange
http://www.nasdaqomxbaltic.com/

Not applicable
local exchanges subject to different rules? IFRS conversion plans
Yes
Are foreign companies listed on the stock exchange required to file Not applicable
IFRS f/s?
Subsidiaries of foreign companies incorporated in Lithuania and listed on
Lithuanian Accounting Institute of the Republic
the local exchange have to file IFRS financial statements.
http://www.aat.lt/
EU member companies (foreign companies) not incorporated in Lithuania
but listed on the local exchange are required to file IFRS Tax information
financial statements. Type of tax regime
Non-EU member companies (foreign companies) not incorporated in Quasi-dependent. Taxable profit is principally based on the legal entity
Lithuania but listed on the local exchange can choose to file financial statutory accounts, with a number of adjustments provided in the tax law.
statements in accordance with their local GAAP if they meet certain
requirements indicated in the Lithuanian laws.


Luxembourg Europe

Luxembourg Stock Exchange
http://www.bourse.lu/

Required for consolidated financial statements. Permitted for Currently, banks and insurance companies can choose between IFRS as
standalone/separate financial statements. adopted by the EU and Luxembourg GAAP. Other companies need the
approval of the Ministry of Justice to use IFRS as adopted by the EU. It is
Version of IFRS expected that all companies will be allowed to choose between IFRS as
IFRS as adopted by the EU adopted by the EU or Luxembourg GAAP in the future.
local exchanges subject to different rules? Commission de Surveillance du Secteur Financier (CSSF)
No http://www.cssf.lu/
Rules for statutory filings with only limited adjustments to determine taxable profits.
Is IFRS required or permitted for statutory filings? Comments on tax regime
Permitted for standalone/separate financial statements Banks and other financial institutions are permitted to use IFRS for their
Version of IFRS statutory accounts. Other companies need approval from the ministry of
IFRS as adopted by the EU justice. As Luxembourg has a dependent regime, the adoption of IFRS
could significantly impact the tax position. There is currently a proposed
If applicable, which entities are required to prepare IFRS financial tax law to spread the impact over a two to five year period.
Consolidated financial statements of listed companies are required to
prepare IFRS financial statements in addition to statutory local GAAP

Macedonia Europe
Macedonian Stock Exchange
http://www.msfe.org.mk/
Rules for listed filings Rules for statutory filings

IFRS required or permitted for listed companies? Is IFRS required or permitted for statutory filings?
Permitted for consolidated and standalone/separate financial statements. Permitted for consolidated and stand-alone/separate financial statements
Additionally, certain unlisted companies are also required to use IFRS. Version of IFRS
Each large and medium size commercial entity, commercial entities IFRS as adopted locally (even thought it may not be called IFRS)
specified by a law, as well as commercial entities performing banking
In general, the 2003 bound version of IFRS was used since they were
activities, insurance activities, commercial entities listed on the Stock
published in the Official Gazette in 2004. Additionally, not all standards
Exchange and other commercial entities whose financial statements are
are used in practice (IAS 8, IAS 12, IAS 19, IFRS 1, IFRS 7, etc.). An
included in the consolidated financial statements of the above mentioned
update was published in the Official Gazette in December 2009 in order
commercial entities, shall be obliged to prepare and submit financial
to harmonize the standards with those published by the IASB. However,
statements in accordance with the adopted IFRS.
there is no guidance provided related to how to implement this guidance
Version of IFRS in 2010; as such, there is some uncertainty as to the timing of transition
IFRS as adopted locally to the new translation.
In general, the 2003 bound version of IFRS was used since they were If applicable, which entities are required to prepare IFRS financial
published in the Official Gazette in 2004. Additionally, not all standards statements in addition to statutory local GAAP financial statements
are used in practice (IAS 8, IAS 12, IAS 19, IFRS 1, IFRS 7, etc.). An (i.e., dual reporting requirements)?
update was published in the Official Gazette in December 2009 in order Not applicable
to harmonize the standards with those published by the IASB. However,
there is no guidance provided related to how to implement this guidance IFRS conversion plans
in 2010; as such, there is some uncertainty as to the timing of transition Other useful websites
to the new translation. Ministry of Finance
Are subsidiaries of foreign companies or foreign companies listed on http://www.finance.gov.mk/
local exchanges subject to different rules? Institute of certified auditors
No http://www.iorrm.org.mk/
No, but they are permitted to use IFRS. Type of tax regime

Malta Europe
Malta Stock Exchange
http://www.borzamalta.com.mt/
IFRS as adopted by the EU Accountancy Board
Are subsidiaries of foreign companies or foreign companies listed on http://finance.gov.mt/page.aspx?site=mfin&page=ab/
No Tax information
Type of tax regime
Yes
tax law.
Entities that meet certain qualitative and quantitative criteria have a
choice of filing their consolidated and standalone/separate financial
statements either in accordance with IFRS or in accordance with Maltese
GAAP for smaller entities. IFRS is required for all companies that do not
satisfy the qualitative and quantitative criteria.
Version of IFRS
No

Moldova Europe
Moldova Stock Exchange
http://www.moldse.md/

Financial statements must be prepared in accordance with National According to the new accounting law, IFRS will become mandatory for
Accounting Standards (Republic of Moldova), which are based on the listed companies and financial institutions starting in 2012.
1995 version of IFRS except for several standards (the most significant of Other useful websites
which are IAS 32, IAS 36, and IAS 39; additionally, consolidation is not Ministry of Finance
mandatory). http://www.mf.gov.md/
Version of IFRS
IFRS as adopted locally . Tax information
Type of tax regime
National Accounting Standards (Republic of Moldova) are based on the
1995 version of IFRS except for several standards (the most significant of Quasi-dependent. Taxable profit is principally based on the legal entity
which are IAS 32, IAS 36, and IAS 39; additionally, consolidation is not statutory accounts, with a number of adjustments provided in the tax law.
mandatory).
No
IFRS f/s?
companies.

Version of IFRS
Not applicable
Not applicable
Montenegro Europe
Montenegro Stock Exchange
http://www.montenegroberza.com/
NEX Montenegro Stock Exchange
http://www.nex.cg.yu/

IFRS as published by IASB Ministry of Finance
Are subsidiaries of foreign companies or foreign companies listed on http://www.gov.me/eng/minfin/
No Tax information
Not available
IFRS f/s?
Yes

Version of IFRS
Not applicable

Netherlands Europe

Euronext Amsterdam

Required for consolidated financial statements. Permitted for Not applicable
standalone/separate financial statements. Other useful websites
Version of IFRS Local standard setter, Dutch Accounting Standards Board
IFRS as adopted by the EU http://www.rjnet.nl/
Are subsidiaries of foreign companies or foreign companies listed on Tax information

local exchanges subject to different rules? Type of tax regime
There are certain consolidation exemptions subject to the 7th EU Independent. There is little or no relationship between taxable profit and
directive. statutory legal entity statutory accounts.
Are foreign companies listed on the stock exchange required to file Comments on tax regime
IFRS f/s?
Taxable profit is based on local tax accounting principles, which may
In general, foreign companies listed on the stock exchange are required coincide with IFRS or Dutch GAAP.
to file IFRS financial statements. Companies outside the EU who are
listed on the local exchange may qualify for certain exemptions whereby
such companies may use local GAAP if considered equivalent to IFRS.

Version of IFRS
Not applicable

Norway Europe
Oslo Bors
http://www.oslobors.no/

Required for consolidated financial statements Most standards in Norway are close to IFRS, and it is envisioned that
Permitted for standalone/separate financial statements local GAAP will continue to converge towards IFRS. Additionally, there is
some discussion of adopting IFRS for SMEs possibly in 2011, 2012 or
Version of IFRS 2013.
Are subsidiaries of foreign companies or foreign companies listed on The Norwegian Accounting Standards Board
local exchanges subject to different rules? http://www.regnskapsstiftelsen.no/
Yes. Listed companies are required to use IFRS or, if outside the EU, a
quality GAAP. Subsidiaries of foreign companies can use local GAAP or Tax information
IFRS. Type of tax regime
Are foreign companies listed on the stock exchange required to file Independent: Taxable profit is determined in accordance with a specific
IFRS f/s? set of tax rules with little or no direct reliance on the legal entity statutory
Only if domiciled in the EU. accounts of the company.

The Norwegian Accounting Act also allows a simplified IFRS to be used
(except IFRS for SMEs).
Version of IFRS
Not applicable

Poland Europe
Warsaw Stock Exchange
http://www.gpw.pl/

Required for consolidated financial statements and for banks. Permitted If applicable, which entities are required to prepare IFRS financial
for standalone/separate financial statements. statements in addition to statutory local GAAP financial statements
Version of IFRS Banks are required to prepare their consolidated financial statements in
IFRS as adopted by the EU accordance with IFRS.
No Plans for converging
convergence plans.
IFRS f/s?
Yes. Consolidated entities located in the Organization for Economic Co- Tax information
operation and Development ("OECD") are required to use IFRS.
Separate/standalone financial statements of entities in the OECD are Type of tax regime
permitted to use IFRS. Entities located outside OECD are permitted to Independent: Taxable profit is determined in accordance with a specific
prepare their financial statements in accordance with other commonly set of tax rules with little or no direct reliance on the legal entity statutory
known international standards (US GAAP, Japanese GAAP, and until the accounts of the company.
end of 2011, Korean, Indian, Chinese and Canadian GAAP). Individual
financial statements of foreign entities listed in the Polish Stock
Exchange can also use local GAAP.

if the entity is a subsidiary (direct or indirect) of a parent preparing its
consolidated financial statements in accordance with IFRS as adopted by
the EU.

Portugal Europe
Euronext Lisboa

IFRS as adopted locally for those who do not report under IFRS. (Local
IFRS required or permitted for listed companies? GAAP is based on IFRS.)
Required for consolidated financial statements. Permitted for
standalone/separate financial statements. IFRS is also required for IFRS as adopted by the EU for those companies who report under IFRS.
entities or groups with public debt. If applicable, which entities are required to prepare IFRS financial
Not applicable
Subsidiaries of foreign companies listed in an EU stock exchange are
permitted to apply IFRS
Local GAAP has been updated from January 1, 2010 for a local
Are foreign companies listed on the stock exchange required to file adaptation of IFRS, designated by "SNC."
IFRS f/s?
Yes
Ministry of Finance
Rules for statutory filings http://www.cnc.min-financas.pt/
Is IFRS required or permitted for statutory filings? Tax information
Companies (listed and unlisted) who report under IFRS may present their
Type of tax regime
statutory f/s in accordance with IFRS. IFRS is permitted for non-listed
consolidated financial statements if they file a statutory audit report. IFRS Quasi-dependent. Taxable profit is principally based on the legal entity
is permitted for non-listed standalone financial statements if they are part statutory accounts, with a number of adjustments provided in the tax law.
of a consolidated group that reports under IFRS and have a statutory Comments on tax regime
audit report in the EU. There are new tax rules from January 1, 2010, to accommodate IFRS
and the new accounting system "SNC" changes.

Romania Europe
S.C. Bursa de Valori Bucuresti SA
http://www.bvb.ro/

Required for consolidated financial statements The local standard setting body has not announced any adoption or
Version of IFRS convergence plans.
IFRS as adopted by the EU Other useful websites
Are subsidiaries of foreign companies or foreign companies listed on Ministry of Finance
local exchanges subject to different rules? http://www.mfinante.ro/engl/index.jsp/
No Tax information
Yes statutory accounts, with a number of adjustments provided in the tax law.
Permitted for separate/standalone financial statements. Required for
consolidated financial statements of banks.
Version of IFRS
Not applicable

Russian Federation Europe
MICEX (Moscow International Currency Exchange)
http://www.micex.ru/
RTS (Russian Trading System)
http://www.rts.ru/
SPBEX (Saint Petersburg Stock Exchange)
http://www.spbex.ru/

IFRS required or permitted for listed companies? IFRS as published by IASB
Permitted for consolidated financial statements If applicable, which entities are required to prepare IFRS financial
Are subsidiaries of foreign companies or foreign companies listed on statements in addition to statutory local GAAP financial statements
local exchanges subject to different rules? (i.e., dual reporting requirements)?
Not applicable. Foreign companies are not listed on the Russian stock Commercial banks are required to prepare IFRS financial statements in
exchanges. addition to local GAAP statutory financial statements.
IFRS f/s?
Not applicable. Foreign companies are not listed on the Russian stock Plans for converging
exchanges. IFRS was adopted by the Central bank of Russia to commercial banks for
standalone annual financial statements. In 2004, the Ministry of Finance
Rules for statutory filings announced detailed plans for IFRS adoption for consolidated financial
statements. While planned, IFRS has not yet been adopted.
Permitted for consolidated financial statements. Required for Russian Other useful websites
commercial banks for annual standalone financial statements in addition Ministry of Finance
to Russian GAAP financial statements. http://www.minfin.ru/
Website dedicated to Russian GAAP, IFRS and US GAAP issues
http://www.gaap.ru/

Russia Europe
Tax information
Type of tax regime
Companies are required to calculate their tax charge by keeping specific
separate tax accounting books. However, in practice, most companies
derive their tax books from their statutory accounts, with a number of
adjustments for tax.

Serbia Europe
Belgrade Stock Exchange (BELEX)
http://www.belex.rs/
Rules for listed filings Are subsidiaries of foreign companies or foreign companies listed on
IFRS required or permitted for listed companies? local exchanges subject to different rules?
Permitted for consolidated and standalone/separate financial statements No
Version of IFRS Are foreign companies listed on the stock exchange required to file
IFRS f/s?
IFRS as adopted locally
No
Local GAAP is nearly converged with IFRS. There are a few differences
as follows: Rules for statutory filings
Off-balance sheet assets and liabilities are recorded on the face of Is IFRS required or permitted for statutory filings?
the balance sheet. Such items do not meet the definition of either an Permitted for consolidated and standalone/separate financial statements
asset or a liability under IFRS.
Version of IFRS
If total shareholders equity is less then zero, an asset is recorded in IFRS as adopted locally
the balance sheet of the company under the caption "loss exceeding
Local GAAP is nearly converged with IFRS. There are a few differences
equity" such that total/shareholders/equity then equals zero. This
as follows:
asset does not meet the definition of an asset under IFRS.
Off-balance sheet assets and liabilities are recorded on the face of
Exchange rate gains or losses on unpaid subscribed capital are
the balance sheet. Such items do not meet the definition of either an
credited/debited in equity in the balance sheet. Such treatment is not
asset or a liability under IFRS.
consistent with IFRS.
If total shareholders equity is less then zero, an asset is recorded in
The financial statements are prepared in the format prescribed by
the balance sheet of the company under the caption "loss exceeding
Ministry of Finance, which does not comply with IAS 1"Presentation
equity" such that total/shareholders/equity then equals zero. This
of Financial Statements" requirements.
asset does not meet the definition of an asset under IFRS.
If the company did not submit its consolidated financial statements in
Exchange rate gains or losses on unpaid subscribed capital are
situations where the company has not consolidated the financial
credited/debited in equity in the balance sheet. Such treatment is not
statements of its subsidiary as in accordance with the Law of
consistent with IFRS.
Accounting and Auditing of the Republic of Serbia, the consolidated
financial statements for the current year are required to be filed up to The financial statements are prepared in the format prescribed by
the end of April the following year. This investment is accounted for Ministry of Finance, which does not comply with IAS 1
on a cost basis. Under International Financial Reporting Standards, "Presentation of Financial Statements" requirements.
stand alone financial statements of a company which has subsidiaries
If the company did not submit its consolidated financial statements in
are only allowed if consolidated financial statements are also
situations where the company has not consolidated the financial
prepared and issued at the same time.
statements of its subsidiary as in accordance with the Law of
Serbia Europe
Accounting and Auditing of the Republic of Serbia, the consolidated
financial statements for the current year are required to be filed up to
the end of April the following year. This investment is accounted for
on a cost basis. Under International Financial Reporting Standards,
stand alone financial statements of a company which has subsidiaries
are only allowed if consolidated financial statements are also
prepared and issued at the same time.
Not applicable

convergence plans.
Ministry of Finance
http://www.mfin.sr.gov.yu/eng.
Tax information
Type of tax regime

Slovak Republic Europe
Bratislava Stock Exchange
http://www.bcpb.sk/

Required for consolidated and standalone/separate financial statements. The local standard setting body has not announced any adoption or
Permitted for standalone/separate financial statements if they meet two conversion plans.
out of the three following size criteria: (a) assets > sk five billion, (b) net
turnover > sk five billion, or (c) over 2,000 employees. IFRS is also Other useful websites
required for banking, insurance, asset management, and securities Ministry of finance
broker-traders. http://www.mfsr.sk/

IFRS as adopted by the EU Type of tax regime
No Comments on tax regime
Are foreign companies listed on the stock exchange required to file Companies which are permitted to file statutory accounts under IFRS
IFRS f/s? (see above) can elect either to use IFRS or continue to use Slovakian
Yes GAAP as the basis to calculate the taxable profits. If they elect to have
IFRS as the basis, the first time adjustments should be included in the tax
Rules for statutory filings although a number of specific adjustments are required.
standalone/separate financial statements if they meet two out of the three
following size criteria: (a) assets > sk five billion, (b) net turnover > sk five
billion, or (c) over 2,000 employees. IFRS is also required for banking,
insurance, asset management, and securities broker-traders.
Version of IFRS
Not applicable
Slovenia Europe
Ljubijana Stock Exchange
http://www.ljse.si/

IFRS is required for consolidated financial statements. IFRS is permitted If applicable, which entities are required to prepare IFRS financial
for separate/standalone financial statements. statements in addition to statutory local GAAP financial statements
IFRS is required for banks, insurance and other undertakings if so (i.e., dual reporting requirements)?
decided by the assembly of the undertaking, but for a minimum period of Not applicable
at least five years.
Version of IFRS
Are subsidiaries of foreign companies or foreign companies listed on convergence plans.
No
Slovenian Institute of Auditors
Are foreign companies listed on the stock exchange required to file http://www.si-revizija.si/index.php/
IFRS f/s?
Yesforeign listed companies are subject to the same rules as domestic Tax information
listed companies. Type of tax regime
Rules for statutory filings statutory accounts, with a number of adjustments provided in the tax law.
IFRS is required for banks and insurance companies. IFRS is permitted
for consolidated and standalone/separate financial statements of
companies in other industries. If IFRS is not applied, the financial
statements must be prepared in accordance with Slovenian Accounting
Standards. Slovenian Accounting Standards correspond in many ways to
IFRS in terms of recognition and measurement principles, but there are
disclosure differences.

Spain Europe
Madrid, Barcelona, Bilbao, Valencia
http://www.bolsamadrid.es/
http://www.borsabcn.es
http://www.bolsabilbao.es/
http://www.bolsavalencia.es/
Additionally, there is a secondary stock exchange, MAB (Mercado
Alternativo Bursatil), which is similar to the British
AIM or French Alternext.

Required for consolidated financial statements and financial institutions Permitted for consolidated financial statements. Required for banks
Separate financial statements for listed companies (other than banks) (consolidated and separate accounts) and companies controlling listed
must be prepared in accordance with new Spanish GAAP. New Spanish companies (consolidated only). All other companies must use New
GAAP (effective 1/1/2008) are IFRS based with some differences. (A Spanish GAAP (effective 1/1/2008), which is essentially IFRS based with
formal and detailed analysis of actual differences has not yet been some differences. (A formal and detailed analysis of actual differences
compiled.) has not yet been compiled.)
Version of IFRS Version of IFRS
IFRS as adopted by the EU. Financial institutions must follow Bank of IFRS as adopted by the EU
Spain rules, which are IFRS EU compliant. If applicable, which entities are required to prepare IFRS financial
Are subsidiaries of foreign companies or foreign companies listed on statements in addition to statutory local GAAP financial statements
local exchanges subject to different rules? (i.e., dual reporting requirements)?
No Only to the extent these companies are financial institutions or
companies controlling listed companies
IFRS f/s?
Yes

Spain Europe

New Spanish GAAP was a partial convergence of Spanish GAAP to
IFRS. It was effective 1/1/2008.
Institute of Accounting and Audit
http://www.icac.meh.es/
Comision Nacional del Mercado de Valores
http://www.cnmv.es/
Tax information
Type of tax regime
All Spanish companies adopted a revised Spanish GAAP from January 1,
2008 which was a partial convergence with IFRS. There was a tax law
enacted that was intended to make this transition tax neutral.

Sweden Europe
OMX Nordic Exchange (Nasdaq)
http://nasdaqomxnordic.com/
NGM
http://www.ngm.se/

Required for consolidated financial statements. Additionally, financial The local standard setting body has not announced any adoption or
companies, including some insurance companies, are permitted to apply convergence plans.
IFRS "restricted by law".
Tax information
Version of IFRS
Type of tax regime
No
IFRS f/s?
Yes

Permitted for consolidated financial statements. It is not permitted for
Version of IFRS
Not applicable

Switzerland Europe
SIX Swiss Stock Exchange
http://www.six-swiss-exchange.com/
Rules for listed filings Government. The current view is that the Government would approve use
of IFRS, US GAAP or Swiss GAAP FER.
Permitted for consolidated financial statements. Additionally, banks may Version of IFRS
use IFRS for their consolidated financial statements. Not applicable
Registrants at the main board of the SIX are required to use either IFRS If applicable, which entities are required to prepare IFRS financial
or US GAAP. Other registrants may use IFRS, US GAAP or Swiss statements in addition to statutory local GAAP financial statements
GAAP FER. (i.e., dual reporting requirements)?
Certain listed companies on the main board of the SIX must prepare
Version of IFRS consolidated statements in accordance with IFRS or US GAAP (see
IFRS as published by IASB above). Standalone/separate financial statements must be prepared in
Are subsidiaries of foreign companies or foreign companies listed on accordance with the Swiss Code of Obligation. As such, there may be
local exchanges subject to different rules? instances where companies may be required to prepare financial
No statements under IFRS or US GAAP in addition to statutory local GAAP
IFRS f/s? IFRS conversion plans
companies.
Rules for statutory filings convergence plans.
Is IFRS required or permitted for statutory filings? Other expected changes
Statutory standalone/separate financial statements must be prepared in The Swiss Code of Obligation will be changed within the next three to
accordance with the Swiss Code of Obligation. four years. Under the proposed law, the accounting requirements will
depend on the size of an entity rather than on its legal form as under the
Consolidated statutory financial statements need to be prepared for
current legislation.
entities meeting certain thresholds. Listed companies on the main board
of the SIX must prepare these consolidated financial statements in Stand-alone financial statements will still be used for tax purposes. The
accordance with IFRS or US GAAP. Other registrants may use IFRS, US new law will also require preparing consolidated financial statements in
GAAP or Swiss GAAP FER. Non-listed entities can choose any accordance with a "true and fair framework." Presumably, the permitted
accounting principles to prepare their consolidated statutory financial accounting frameworks will be IFRS, IFRS for Private Entities, US GAAP
statements. Note, however, that the Parliament is currently discussing and Swiss GAAP FER. (Currently entities exceeding a certain size are
changes to the Swiss Code of Obligation which may change the statutory required to prepare consolidated financial statements for which IFRS may
consolidated reporting requirements for non-listed entities whereby such be used. However, there is no requirement for using any accounting
entities would be required to use accounting principles approved by the framework for consolidated financial statements at the moment.)
Switzerland Europe
Swiss Exchange Admissions Board Circular
http://www.six-exchange-regulation.com/admission/to_trading_en.html
Tax information
Type of tax regime
The Parliament is currently discussing a proposal that would allow IFRS
to be used in the statutory accounts that would form the basis of the
company's tax return.

Ukraine Europe
PFTS
http://www.pfts.com/

No except for public joint stock companies, which are required to prepare Adoption is planned; however it is not yet clear if it will be full adoption or
IFRS financial statements (in addition to statutory financial statements). convergence of local GAAP and IFRS. Timeframe and further details are
Version of IFRS not yet clear.
It is assumed that such companies will need to use IFRS as published by Other useful websites
the IASB (it is not specified in the law) Ministry of Finance
Are subsidiaries of foreign companies or foreign companies listed on http://www.minfin.gov.ua/
No
Tax information
Type of tax regime
companies.
No except for public joint stock companies, which are required to prepare
IFRS financial statements (in addition to statutory financial statements).
Statutory financial statements must be prepared in accordance with
National Regulations (Standards) of Accounting in Ukraine.
Version of IFRS
It is assumed that such companies will need to use IFRS as published by
the IASB (it is not specified in the law).
Nounless the foreign company is a public joint stock company (see
above).

United Kingdom Europe
London Stock Exchange
http://www.londonstockexchange.com/
AIM
http://www.londonstockexchange.com/aim
Rules for listed filings good reasons not to do so. Once IFRS is adopted, entities generally
cannot go back to UK GAAP. Note that charities are not allowed to
use IFRS.
standalone/separate financial statements. Version of IFRS
Version of IFRS
IFRS as adopted by the EU If applicable, which entities are required to prepare IFRS financial
Are subsidiaries of foreign companies or foreign companies listed on (i.e., dual reporting requirements)?
Some government or quasi-government entities are required to prepare
Subsidiaries of any group are permitted to use IFRS or UK GAAP for their IFRS financial statements as well as Building Societies and Limited
standalone financial statements except in situations where fellow liability partnerships. Other entities have a choice of IFRS or UK GAAP.
subsidiaries have elected to use IFRS, then there is a presumption that However, charities are not allowed to use IFRS.
all subsidiaries should use IFRS unless there are "good reasons" not to
as set out in guidance from a government department (Department for IFRS conversion plans
Business, Innovation and Skills).
Are foreign companies listed on the stock exchange required to file The UK ASB has incorporated some IFRS into UK GAAP. Certain of the
IFRS f/s? standards apply only to some entities. For example, the UK equivalent of
Foreign listed companies are subject to the same rules as domestic listed IAS 39 (Financial Instruments: Recognition and Measurement) is only
companies. mandatory for those who want to use the fair value option and listed
entities. Other local standards have not converged.
Is IFRS required or permitted for statutory filings? The ASB launched a discussion paper in August 2009 which proposes to
Permitted for consolidated and standalone/separate financial statements replace UK GAAP with IFRS for SMEs. Companies, other than those
required to adopt full IFRS (i.e. listed entities in consolidated financial
Parent companies can choose to apply IFRS or UK GAAP. Choosing to statements and publically accountable entities), will have the option of
prepare IFRS does not mean that all other UK entities within the group applying full IFRS or IFRS for SMEs. Under this proposal, companies
need to prepare IFRS. These entities can stay with UK GAAP. If IFRS is currently reporting under UK GAAP would need to adopt either full IFRS
adopted by one subsidiary, it should be adopted by all unless there are or IFRS for SMEs in years from January 1, 2012. This means that a

United Kingdom Europe
company with a December year end will need an opening balance sheet
under IFRS at January 1, 2011. The timetable for this proposed change
is still under discussion. The discussion paper comment period closed in
February 2010.
Accounting Standards Board
http://www.frc.org.uk/asb
Tax information
Type of tax regime
Any IFRS transitional adjustments are generally taxable in the year of
adoption with a number of exceptions, some of which are spread over a
10 year period. There is recent tax legislation that deals with IFRS
conversions and which is intended to neutralize most of the ongoing
adoption differences. However it is expected that a number of differences
will remain.

Asia
Afghanistan Asia

Version of IFRS
Telecom and micro finance institutions are required to prepare their
financial statements under IFRS.
Not applicable
Tax information
Type of tax regime

Armenia Asia
NASDAQ OMX Armenia
http://www.nasdaqomx.am/en/index.htm

From January 1, 2009 all the financial organizations are required to Armenia adopted the Accounting Standards of the Republic of Armenia
report under IFRS by law. Other (non-financial) organizations are (ASRA) in 2001 which were based on International Accounting Standards
permitted to report under IFRS from January 1, 2010. (IAS) in force at that time. Since then IASs underwent significant
changes: A number of IAS were revised, and International Financial
Version of IFRS Reporting Standards (IFRS) were introduced and incorporated with IAS
IFRS as published by IASB under a common framework known as IFRS. ASRA, on the other hand,
Are subsidiaries of foreign companies or foreign companies listed on were not amended with the new developments in IFRS.
local exchanges subject to different rules? To reflect these and future changes, the Ministry of Finance of Armenia
Not applicable: Foreign companies are not listed on the NASDAQ OMX has undertaken the formation of a Translation and Review Committee, a
Armenia. council of professional translators and accounting/audit professionals
Are foreign companies listed on the stock exchange required to file who will scrutinize the IFRS translation into Armenian and ensure their
IFRS f/s? smooth transition in the country. Additionally, the amendment to the "Law
on Accounting and Reporting" has been approved (December 26, 2008)
Not applicable: Foreign companies are not listed on the NASDAQ OMX
by the National Assembly (Parliament) of Armenia requiring all the
Armenia.
financial organizations to report under IFRS starting from January 1,
Rules for statutory filings 2009 and for all other organizations starting from January 1, 2010 when
the Government publishes the appropriate standards and interpretations,
Is IFRS required or permitted for statutory filings? as well as any further changes thereon.
From January 1, 2009 onward IFRS is the only permitted accounting
framework adopted legislatively by "Law on Accounting and Reporting" in Other expected changes
Republic of Armenia (December 2008). The Government will soon publish the appropriate IFRS Standards and
Interpretations in Armenian, as well as any further changes thereon.
Version of IFRS
Central Bank of Armenia
If applicable, which entities are required to prepare IFRS financial http://www.cba.am/
(i.e., dual reporting requirements)? Ministry of Finance
From January 1, 2009 onward IFRS is the only permitted accounting http://www.minfin.am/
framework adopted legislatively by "Law on Accounting and Reporting" in
Republic of Armenia (December 2008).

Armenia Asia
Tax information
Type of tax regime
Companies are required to calculate their tax charge by keeping specific
separate tax accounting books. However, in practice, most companies
derive their tax books from their statutory accounts, with a number of
adjustments for tax.

Azerbaijan Asia
Baku Stock Exchange
http://www.bfb.az

Required for banks (from 2000) and for state owned public interest There is some discussion of transitioning to IFRS for non-state owned
entities ("PIEs"). PIEs; however, timing has not been finalized. It is expected that it could
be required for non-state owned PIEs in 2010.
Version of IFRS
IFRS as published by IASB Other expected changes
The Ministry of Finance will likely require small entities to follow IFRS for
Are subsidiaries of foreign companies or foreign companies listed on SMEs as issued by the IASB. Exact timing has not been announced.
National Bank of Azerbaijan (banking regulatory body)
Are foreign companies listed on the stock exchange required to file http://www.nba.az/
IFRS f/s?
No Ministry of Finance
http://www.maliyye.gov.az/index_en.jsp/
Tax information
Required for banks (from 2000) and for state owned PIEs (from 2009). All Type of tax regime
others must use local GAAP. Quasi-dependent. Taxable profit is principally based on the legal entity
Version of IFRS A separate tax regime exists for oil production companies.
If applicable, which entities are required to prepare IFRS financial Taxable profits are quasi-dependent on statutory accounts which are
statements in addition to statutory local GAAP financial statements generally kept under local GAAP. For those companies that have
(i.e., dual reporting requirements)? adopted IFRS, more adjustments will be required to arrive at taxable
Not applicable profit.

China Asia
Shanghai stock exchange
http://www.sse.com.cn/
Shenzhen stock exchange
http://www.szse.cn/

No, however, CAS (Chinese Accounting Standards), by and large, The China standard setter issued Chinese Accounting Standards in 2006
converged with IFRS. However, it is not a direct translation of IFRS. (effective from January 1, 2007) and, in many ways, these standards are
Several differences remain between CAS and IFRS; however, as time converged with IFRS. While there are still some differences between
goes by, the Ministry of Finance has plans to eliminate those differences. CAS and IFRS, the Ministry of Finance has plans to further converge
Version of IFRS CAS with IFRS in the near future.
Not applicable Other useful websites
local exchanges subject to different rules? http://www.mof.gov.cn/kjs/
No China Securities Regulatory Commission
Are foreign companies listed on the stock exchange required to file http://www.csrc.gov.cn/
IFRS f/s?
No
Tax information
Type of tax regime
Rules for statutory filings Dependent: Taxable profit is based on the legal entity statutory accounts,
Is IFRS required or permitted for statutory filings? with only limited adjustments to determine taxable profits.
No
Version of IFRS
Not applicable
Financial institutions are required to prepare IFRS (as published by the
IASB) financial statements in addition to the statutory financial
statements prepared under CAS.

Hong Kong Asia
The Stock Exchange of Hong Kong Limited
http://www.hkex.com.hk/

Permitted for consolidated and standalone/separate financial statements Companies must use local GAAP, which is strongly influenced by IFRS.
Companies incorporated in HK are required by the Hong Kong Companies incorporated in HK are required by the Hong Kong
Companies Ordinance (HKCO) to prepare financial statements (stand Companies Ordinance (HKCO) to prepare financial statements (stand
alone or consolidated, as applicable) that give a true and fair view. alone or consolidated, as applicable) that give a true and fair view.
Normally, companies incorporated in HK are expected to prepare Normally, companies incorporated in HK are expected to prepare
financial statements under local GAAP (Hong Kong Financial Reporting financial statements under local GAAP (HKFRSs, or Hong Kong Financial
Standards, or HKFRSs). While HKFRSs have been converged with Reporting Standards).
IFRSs, differences remain primarily in respect of transitional provisions.
While HKFRSs have been converged with IFRSs, differences remain
Accordingly, companies that are required to comply with HKCO who wish primarily in respect of transitional provisions. Accordingly, companies that
to use IFRSs should seek legal advice to ensure compliance with HKCO. are required to comply with HKCO who wish to use IFRSs should seek
The same applies to filing of financial statements for tax purposes in HK legal advice to ensure compliance with HKCO. The same applies to filing
as the filing is required by the HKCO. On the other hand, Hong Kong of financial statements for tax purposes in HK as the filing is required by
Stock Exchange allows companies listed on its exchanges (Main Board the HKCO.
or GEM) to use IFRSs; however, listed companies incorporated in HK
should comply with the requirements of HKCO. On the other hand, Hong Kong Stock Exchange allows companies listed
on its exchanges (Main Board or GEM) to use IFRSs; however, listed
Version of IFRS companies incorporated in HK should comply with the requirements of
IFRS as published by IASB HKCO.
Are subsidiaries of foreign companies or foreign companies listed on Version of IFRS
local exchanges subject to different rules? IFRS as adopted locally
Yes. There are additional requirements in respect of certain jurisdictions
such as Bermuda. Refer to Appendix 13 of Main Board Listing Rules and
Appendix 11 of GEM Listing Rules for details.
Are foreign companies listed on the stock exchange required to file Not applicable
IFRS f/s?

Hong Kong Asia
Not applicable
Hong Kong Institute of Certified Public Accounts
http://www.hkicpa.org.hk/
Tax information
Type of tax regime
The taxable income is based on the local GAAP (HKFRS) statutory
accounts, with a number of adjustments required. There is little difference
between HKFRS and IFRS.

India Asia
Bombay Stock Exchange (BSE)
http://www.bseindia.com/
National Stock Exchange (NSE)
http://www.nseindia.com/

No. Financial statements must be prepared in accordance with Indian The Institute of Chartered Accountants has announced a plan to
GAAP. transition to IFRS starting April 1, 2011.
Not applicable The Institute of Chartered Accountants of India
Are subsidiaries of foreign companies or foreign companies listed on http://www.icai.org/
No
Tax information
Type of tax regime
Are foreign companies listed on the stock exchange required to file Quasi-dependent: Taxable profit is principally based on the legal entity
No
Rules for statutory filings India is still in the early phases of discussing IFRS for financial reporting
Is IFRS required or permitted for statutory filings? purposes. Indian GAAP Accounting Standards, however, are modeled
after the International Accounting Standards (IAS).
No. Financial statements must be prepared in accordance with Indian
GAAP.
Version of IFRS
Not applicable
Not applicable

Indonesia Asia
Indonesia Stock Exchange
http://www.idx.co.id/

No. Conversion is in process. Indonesia has a plan to converge with IFRS by
Version of IFRS 2012. While the whole intent is to have a full convergence, certain
differences are expected to remain by 2012 mainly because IFRS 1 is not
Not applicable. Financial statements must be prepared in accordance
adopted and earlier versions of the financial instruments standards may
with Indonesian GAAP.
be used.
In addition, in 2009, the Indonesia Financial Accounting Standards Board
has issued accounting standards for entities without public accountability
No based on IFRS for SMEs with some modifications which are going to be
Are foreign companies listed on the stock exchange required to file effective for annual periods beginning on or after January 1, 2011.
IFRS f/s? Other expected changes
No The due process of adopting accounting standards for small and medium
enterprises is in progress.
Is IFRS required or permitted for statutory filings? Other useful websites
No The Indonesian Institute of Accounts
http://www.iaiglobal.or.id/
Version of IFRS
Not applicable. Statutory accounts must be filed in accordance with Tax information
Indonesian GAAP. Type of tax regime
If applicable, which entities are required to prepare IFRS financial Quasi-dependent: Taxable profit is principally based on the legal entity
statements in addition to statutory local GAAP financial statements statutory accounts, with a number of adjustments provided in the tax law.
(i.e., dual reporting requirements)? Comments on tax regime
Not applicable Certain transactions, such as benefits in kind and certain provisions, are
treated differently for tax purposes.

Israel Asia
The Tel-Aviv Stock Exchange Ltd.
http://www.tase.co.il/

Required for consolidated financial statements except for banking Statutory accounts to be filed with the tax authority must be prepared in
institutions (listed and unlisted) who must prepare their financial accordance with Israeli GAAP. As of January 24, 2010, the Israeli Tax
statements in accordance with specific instructions issued by the Israeli Laws have not yet been updated to reflect the adoption of IFRS in Israel
Banking Inspector. (that, for most of the listed Israeli companies, took place in 2008 with a
Recently, new Securities Regulations (the "New Regulations") were transition date of 1/1/2007).
issued, according to which, inter-alia, listed companies will not be For purposes of the filing of financial statements with the Companies'
required to issue IAS 27's separate financial statements (in addition to Registrar, the Israeli Companies' Law requires listed companies to file
their consolidated financial statements), and they will be required to issue financial statements in accordance with the Securities Law (see above).
only certain financial data on a "stand-alone" basis in accordance with Unlisted companies are required to file financial statements prepared in
specific disclosure requirements detailed in the New Regulations. accordance with either IFRS or Israeli generally accepted accounting
Version of IFRS principles. Reporting under IFRS is required by the Israeli Insurance
Inspector for all insurance companies and pension funds' management
companies.
Banking institutions must prepare their financial statements in
accordance with specific instructions issued by the Israeli Banking
Yes. Certain foreign companies listed on the local stock exchange can Inspector.
report under US GAAP (but are then required to reconcile to IFRS in a
footnote). Under the New Regulations, such foreign companies will also Version of IFRS
be able to report under the IFRS as adopted by the European Union in IFRS as published by IASB
the framework of Regulation (EC) No 1606/2002 of the European
Parliament and of the council. In addition, dual listed companies (those
listed locally and abroad), that report under US GAAP can continue to
report under US GAAP.
Insurance companies and pension funds' management companies.
IFRS f/s?
See above.

Israel Asia
The Israeli Accounting Standards Board has recently issued a proposal
for a new Israeli standard that will permit Small and Medium Entities
("SMEs") to adopt the IFRS for SMEs standard issued by the IASB,
commencing January 1, 2011. Furthermore, the Israeli Accounting
Standards Board has published its intention to require SMEs to adopt the
IFRS for SMEs commencing 2015.
Israel Accounting Standards Board
http://www.iasb.org.il/
Tax information
See above.

Japan Asia
Tokyo Stock Exchange
http://www.tse.or.jp/english/index.html
There are also stock exchanges in other cities such as Osaka, Nagoya, Are foreign companies listed on the stock exchange required to file
Fukuoka, and Sapporo. Additionally, another exchange (JASDAQ) exists IFRS f/s?
mainly for newly developed companies. No

Yes. Listed companies which meet certain requirements ("Specified Yes. Companies which file their consolidated financial statements under
Companies") are permitted to use IFRS for their consolidated financial the Companies Act are permitted to use IFRS for the consolidated
statements ending on or after March 31, 2010. As per the roadmap financial statements ending on or after March 31, 2010, if they are
released by the Financial Services Agency of Japan in June 2009, Specified Companies.
mandatory adoption of IFRS may start in 2015 or 2016, subject to the
Under the Companies Act, only large-sized companies (those which have
final decision which is to be made around 2012. Standalone/separate
capital of Yen 500 million or more, or those which have liabilities of Yen
financial statements are prepared in accordance with Japanese GAAP.
20 billion or more) are required to file their consolidated financial
Version of IFRS statements if they are required to submit their Securities Reports under
IFRS as adopted by the Financial Services Agency ("Designated IFRSs"). the Financial Services Act.
The Commissioner of the Financial Services Agency of Japan will Version of IFRS
designate those IFRSs published by the IASB which are recognized as IFRS as adopted by the Financial Services Agency ("Designated IFRSs").
having been approved and issued through fair and reasonable due
The Commissioner of the Financial Services Agency of Japan will
process and are expected to be considered as being fair and appropriate
designate those IFRSs published by the IASB which are recognized as
financial reporting standards from the viewpoint of investor protection and
having been approved and issued through fair and reasonable due
market integrity in Japan.
process and are expected to be considered as being fair and appropriate
Are subsidiaries of foreign companies or foreign companies listed on financial reporting standards from the viewpoint of investor protection and
local exchanges subject to different rules? market integrity in Japan.
Yes. Foreign companies listed on the Tokyo Stock Exchange are
permitted to use IFRS if certain requirements are met.

Japan Asia
For consolidated financial statements, dual reporting requirements do not
exist. Companies which elect to use IFRS for their consolidated financial
statements for purposes of submitting their Securities Reports under the
Financial Service Act are permitted to use IFRS for their statutory filing
purposes.
However, for standalone/separate financial statements for parent
companies, IFRS is not permitted. All parent companies are required to
prepare their standalone/separate statutory financial statements under
Japanese GAAP, even when they choose to use IFRS for their
consolidated financial statements.

ASBJ, the Japanese standard setter, is currently working with IASB on a
convergence project with a goal of completion by the end of June 2011.
The converged Japanese standards will be applied by listed companies
and unlisted companies.
Accounting Standards Board of Japan
http://www.asb.or.jp/
Financial Services Agency
http://www.fsa.go.jp/en/index.html/
Japanese Institutes of Certified Public Accountants
http://www.hp.jicpa.or.jp/english/
Tax information
Type of tax regime
statutory accounts, under Japanese GAAP, with a number of adjustments
provided in the tax law.

Kazakhstan Asia
Kazakhstan Stock Exchange (KASE)
http://www.kase.kz/
Additionally, the RFCA
http://www.rfca.kz/
Rules for listed filings 4) London Stock Exchange Group (London Stock Exchange and Borsa
Italiana SpA);
5) Tokyo Stock Exchange Group, Inc.;
Required for consolidated and standalone/separate financial statements.
Also required for large business entities and public interest entities. 6) BME Spanish Exchanges;
7) SWX Swiss Exchange;
Public interest entities are financial organizations, joint-stock companies
8) Taiwan Stock Exchange Corp.
(except for non-commercial), subsurface users (except for entities mining
general useful minerals) and organizations where the state has a As such, one view is that foreign companies should use one of the
participation share in the authorized capital, as well as state-owned standards required by one of these exchanges, while another document
enterprises organized on the basis of business authority. Large business indicates that issuers should use either IFRS or US GAAP.
entities are entities with yearly average employees > 250 people or total
assets greater than approx. US$3.2 million. Rules for statutory filings
Version of IFRS Is IFRS required or permitted for statutory filings?
IFRS as published by IASB Required for large business entities and public interest entities. Permitted
for middle sized companies (average yearly employees between 50 and
Are subsidiaries of foreign companies or foreign companies listed on 250 and total assets less than approx. US$3.2 million).
No Public interest entities are financial organizations, joint-stock companies
(except for non-commercial), subsurface users (except for entities mining
Are foreign companies listed on the stock exchange required to file general useful minerals) and organizations where the state has a
IFRS f/s? participation share in the authorized capital, as well as state-owned
Foreign companies listed on the stock exchange are not required to file enterprises organized on the basis of business authority. Large business
IFRS financial statements, however, there is some uncertainty as to entities are entities with yearly average employees > 250 people or total
which standards they should apply. The local stock exchange recognizes assets greater than approx. US$3.2 million.
the following foreign stock exchanges (as named by the World
Federation of Exchanges).
1) NASDAQ OMX;
2) NYSE Euronext;
3) Deutsche Boerse AG;

Kazakhstan Asia
Version of IFRS
Not applicable

The State is currently considering requiring non-public interest SMEs to
adopt the newly issued standard for IFRS for SMEs. Currently non-public
interest SMEs are required to use National Standards, which are primarily
based on the IFRS for SMEs February 2007 Exposure Draft. The State is
also considering requiring public sector entities to adopt a locally-tailored
International Public Sector Accounting Standards (IPSAS).
Ministry of finance
http://www.minfin.kz/
Tax information
Type of tax regime

Korea (Republic of Korea) Asia
Korea Exchange
http://www.krx.co.kr/
Korea Securities Dealers Automated Quotation
(Secondary exchange which mainly trades venture
businesses and small and medium-sized
companies)
http://www.kosdaqca.or.kr/
Early adoption of IFRS, with exception of financial institutions, is
permitted from 2009. Adoption of IFRS is required for all listed companies Not applicable
and certain unlisted financial institutions from 2011.
Version of IFRS
Full IFRS as published by IASB and translated to Korean language word-
for-word Full adoption of IFRS will be mandatory for all listed companies and
certain financial institutions from 2011. From 2009, voluntary adoption will
Are subsidiaries of foreign companies or foreign companies listed on be permitted for all companies, listed and non-listed, with the exception of
local exchanges subject to different rules? financial institutions.
No
Are foreign companies listed on the stock exchange required to file Korean Accounting Institute
IFRS f/s? http://www.kasb.or.kr/
companies. US GAAP is also allowed for foreign companies. Financial Supervisory Service
http://ifrs.fss.or.kr/ifrs/main.jsp/
Tax information
IFRS is permitted from 2009 for all statutory filers, with the exception of Type of tax regime
financial institutions. From 2011, IFRS will become a requirement for all Quasi-dependent. Taxable profit is principally based on the legal entity
listed statutory filers and certain unlisted financial institutions. statutory accounts, with a number of adjustments provided in the tax law.
Version of IFRS
Full IFRS as published by IASB and translated to Korean language word-
for-word

Kyrgyz Republic Asia
Kyrgyz Stock Exchange
http://www.kse.kg/eng

Required for consolidated and standalone/separate financial statements. All companies, including private and small companies, will soon be
Also required for all banks and joint stock companies. required to adopt IFRS. Additionally, the state authority plans to adopt
IFRS for SMEs once a Russian translation is available.
Version of IFRS
State agency for financial market control and regulation
Are subsidiaries of foreign companies or foreign companies listed on http://www.fsa.kg/
No National Bank of the Kyrgyz Republic
http://www.nbkr.kg/
IFRS f/s? Ministry of Finance
Yes http://www.minfin.kg/
Central Depositaryc
Rules for statutory filings http://www.spf.gov.kg/
Is IFRS required or permitted for statutory filings? State Committee on state property management
All banks and joint stock companies are required to use IFRS for http://www.spf.gov.kg/
statutory purposes. All other companies are permitted to use IFRS.
IFRS as published by IASB Not available
Not applicable

Lebanon Asia
Beirut Stock Exchange
http://www.bse.com.lb/

IFRS as published by IASB Lebanese Association of Certified Accountants
http://www.lacpa.org.lb/
local exchanges subject to different rules? Beirut Stock Exchange
No http://www.bse.com.lb/
Are foreign companies listed on the stock exchange required to file Ministry of Finance
IFRS f/s? http://www.finance.gov.lb/
Not applicable. There are no foreign companies listed on the local The Central Bank of Lebanon
exchange. http://www.bdl.gov.lb/
Rules for statutory filings Tax information
Is IFRS required or permitted for statutory filings? Type of tax regime
Required for standalone/separate financial statements. (There is no Quasi-dependent: Taxable profit is principally based on the legal entity
statutory requirement to prepare consolidated financial statements.) statutory accounts, with a number of adjustments provided in the tax law.
Version of IFRS
Not applicable. All companies are required to prepare IFRS financial
statements.

Macao Special Administrative Region Asia
Administrative Region
Not applicable. There is no local exchange. While there is no specific timeline, there are plans for continued
convergence/adoption of new standards.
MFRS, a local version of IFRS, is required for the following entities: Type of tax regime
Concessionary status granted by the Macao Government;
Insurance companies;
Macao Financial System Act regulated entities;
Macao Offshore Institutions;
Companies limited by shares; and
Limited partnerships.
All other entities are permitted to use MFRS.
Version of IFRS
MFRS, a local adaptation of IFRS published in the Macao Official
Gazette in 2004, is a specific set of 16 standards based upon the 2005
version of IFRS published by the IASB. However, not all standards are
used in practice (e.g., IAS 32, IAS 39, IAS 40, IFRS 2, IFRS 7, etc.).
Not applicable

Asia
Malaysia
Bursa Malaysia
http://www.bursamalaysia.com/

No The Malaysian Accounting Standards Board (MASB) announced on
Version of IFRS August 1, 2008, plans to bring Malaysia to full convergence with IFRS by
January 1, 2012. The MASB plans to progressively expose and adopt
Not applicable
IFRS starting in 2009 through the 2012 deadline.
Malaysian Accounting Standards Board
Only foreign companies are permitted to use IFRS for consolidated and
http://www.masb.org.my/
separate financial statements (as published by the IASB).
IFRS f/s? Type of tax regime
No, but they are permitted to use IFRS. Independent: Taxable profit is determined in accordance with a specific
Rules for statutory filings accounts of the company.
No
Generally the relationship between statutory accounting standards and
Version of IFRS taxable income can be described as independent, with income tax being
Not applicable. Statutory accounts are required to be prepared in determined according to tax rules and principles. However with the
accordance with local GAAP. convergence of Malaysian accounting standards to IFRS, the tax
authorities have indicated that they may be prepared to consider partial
If applicable, which entities are required to prepare IFRS financial convergence to accounting standards in certain areas.
Not applicable

Pakistan Asia
Karachi Stock Exchange
http://www.kse.com.pk/

Required for consolidated and standalone/separate financial statements All IFRS are required to be approved by the local Institute of Chartered
Accountants of Pakistan and notified by the Securities and Exchange
Version of IFRS Commission of Pakistan (SECP). There may be differences in timing for
IFRS as adopted locally approval. Currently IFRS 1 is not applicable. The reporting framework
All IFRS are required to be approved by the local Institute of Chartered specifies that if any directives of the SECP or the State Bank of Pakistan
Accountants of Pakistan and notified by the Securities and Exchange (in the case of banks) differ with the requirements of these accounting
Commission of Pakistan (SECP). There may be differences in timing for standards, then such directives would take precedence. Further, in the
approval. Currently IFRS 1 is not applicable. The reporting framework case of banks, the State Bank of Pakistan has deferred the applicability
specifies that if any directives of the SECP or the State Bank of Pakistan of IAS 39, IAS 40, IFRS 7 and IFRS 8.
(in the case of banks) differ with the requirements of these accounting If applicable, which entities are required to prepare IFRS financial
standards, then such directives would take precedence. Further, in the statements in addition to statutory local GAAP financial statements
case of banks, the State Bank of Pakistan has deferred the applicability (i.e., dual reporting requirements)?
of IAS 39, IAS 40, IFRS 7 and IFRS 8. Companies having subsidiaries are required under the local law to
Are subsidiaries of foreign companies or foreign companies listed on prepare consolidated financial statements using IFRS as adopted locally.
No IFRS conversion plans
Not applicable
IFRS f/s?
Not applicable. Foreign companies are prohibited from being listed on the Other useful websites
local stock exchange. Institute of Chartered Accountants of Pakistan
http://www.icap.org.pk/
Rules for statutory filings Securities and Exchange Commission of Pakistan
Is IFRS required or permitted for statutory filings? http://www.secp.gov.pk/
IFRS is required for all public companies. Companies having subsidiaries
are required under the local law to prepare consolidated financial Tax information
statements using IFRS as adopted locally. Non-listed entities which are
Type of tax regime
not subsidiaries of listed companies and qualify as medium or small sized
can follow specific standards issued for them.

Philippines Asia
Philippine Stock Exchange, Inc.
http://www.pse.com.ph/
For pre-need companies, the accounting standards for pre-need

Rules for listed filings plans and pre-need uniform chart of accounts as approved by the
IFRS required or permitted for listed companies? SEC are considered as the financial reporting framework.
For trust fund assets, the valuation provisions of PAS 39 and PAS 40
Version of IFRS effective as of January 1, 2005 shall be used beginning with the
IFRS as adopted locally December 31, 2005 annual financial statements. Reports prepared
Philippines Financial Reporting Standards (PFRS) include all applicable for interim periods during the initial year of adoption are exempt from
PFRS, Philippines Accounting Standards (PAS), Philippine the application of the valuation provisions of PAS 39 and PAS 40.
Interpretations Committee (PIC)/Standing Interpretations Committee Exemption from the tainting provision under PAS 39 for certain
(SIC)/International Financial Reporting Interpretations Committee (IFRIC) transactions such as the exchange of Benchmark Bonds and
Interpretations which have been approved by the Philippine Financial investment in foreign currency denominated National
Reporting Standards Council (FRSC) and adopted by the Philippine Government/Bangko Sentral ng Pilipinas bonds/debt securities.
Securities and Exchange Commission (SEC). PFRS and PAS are based
For mining companies, transitional relief from the application of PAS
on the IFRS issued by the IASB.
39 on hedging contracts entered into and effective prior to January 1,
The following are the major difference/exemptions between locally 2005 but outstanding as of January 1, 2006 was granted.
adopted IFRS (or PFRS) and IFRS:
For listed companies, relief was granted in the preparation of interim
On initial adoption of PFRS, an entity can opt to defer the recognition financial statements in 2005 as the more complex PFRS will be
of the transitional liability under PAS 19 for a period of up to applied for the first time. After this first time application, the rules on
five years. interim financial reporting shall take effect on January 1, 2006.
Transition relief was given to all reporting entities with respect to the The amendments to PAS 39 differ from the amendments to IAS 39
presentation of comparative information for the new risk disclosures which uses a November 1, 2008 "cut-off date". Since the FRSC only
about the nature and extent of risks arising from financial instruments adopted the amendments on October 29, 2008, the Council decided
required under PFRS 7, upon initial adoption in January 1, 2007, to change the "cut-off date" for Philippine financial reporting purposes
unless the disclosure was previously required under PAS/IAS 30 or to November 15, 2008. The November 15, 2008 "cut-off date"
PAS/IAS 32. approximates the period between October 13, 2008, the date when
For insurance companies, the deferral of application of PAS 32 and IASB amendments were issued, and November 1, 2008.
39 and PFRS 4 was allowed until January 1, 2006.

Philippines Asia
For Philippine financial reporting purposes, IFRIC 15 is only effective Version of IFRS
for annual periods beginning on or after January 1, 2012. The FRSC IFRS as adopted locally
decided to require mandatory application of the Interpretation in 2012
to allow entities, engaged in real estate business, time to prepare for Philippines Financial Reporting Standards (PFRS) include all applicable
the implementation of the Interpretation. Entities are allowed to apply PFRS, Philippines Accounting Standards (PAS), Philippine
the percentage of completion method from the sales of property Interpretations Committee (PIC)/Standing Interpretations Committee
under pre-completion contracts in accordance with Philippine (SIC)/International Financial Reporting Interpretations Committee (IFRIC)
Interpretation Committee (PIC) Q&A No. 2006-01 until the Interpretations which have been approved by the Philippine Financial
effectiveness of IFRIC 15. Reporting Standards Council (FRSC) and adopted by the Philippine
Securities and Exchange Commission (SEC). PFRS and PAS are based
PAS 20 is consistent with IAS 20 in all material respect, except for the on the IFRS issued by the IASB.
accounting for government loans with low interest rates. PIC Q&A
2007-02 issued three alternative accounting methods. The following are the major difference/exemptions between locally
adopted IFRS (or PFRS) and IFRS:
Under Philippine Accounting Standards (PAS) 27, other financial
reporting standards that are converged or virtually converged with On initial adoption of PFRS, an entity can opt to defer the recognition
IFRS are deemed acceptable in applying the provisions of PAS of the transitional liability under PAS 19 for a period of up to
27.10d on the exemption from the preparation of consolidated five years.
financial statements (PIC Q&A 2006-02). Transition relief was given to all reporting entities with respect to the
Are subsidiaries of foreign companies or foreign companies listed on presentation of comparative information for the new risk disclosures
local exchanges subject to different rules? about the nature and extent of risks arising from financial instruments
No required under PFRS 7, upon initial adoption in January 1, 2007,
unless the disclosure was previously required under PAS/IAS 30 or
Are foreign companies listed on the stock exchange required to file IFRS PAS/IAS 32.
f/s?
For qualified Non-Publicly Accountable Entities (NPAEs), conversion
Yes. Securities shall not be sold or offered for sale or distribution in the
to full PFRS is optional under Philippine Accounting Standard No.
Philippines unless a registration statement is filed and approved by the
101 provided they will apply all PAS/IAS which are effective in the
SEC. Once approved, the securities may be listed for trading in the
Philippines as of January 1, 2004. However, this was revoked upon
Philippine Stock Exchange, Inc. Generally, listed companies are required
the adoption of PFRS for Small and Medium Entities effective
to file financial statements in accordance with PFRS (IFRS as adopted
January 1, 2010 (see related discussions below).
locally). However, foreign companies may be able to secure exemptive
relief on the PFRS requirement by formally requesting from the SEC and For insurance companies, the deferral of application of PAS 32 and
explaining the reasons for such request. 39 and PFRS 4 was allowed until January 1, 2006.
For pre-need companies, the accounting standards for pre-need
Rules for statutory filings plans and pre-need uniform chart of accounts as approved by the
Is IFRS required or permitted for statutory filings? SEC are considered as the financial reporting framework.

Philippines Asia
For trust fund assets, the valuation provisions of PAS 39 and PAS 40 Under Philippine Accounting Standards (PAS) 27, other financial
effective as of January 1, 2005 shall be used beginning with the reporting standards that are converged or virtually converged with
December 31, 2005 annual financial statements. Reports prepared IFRS are deemed acceptable in applying the provisions of PAS
for interim periods during the initial year of adoption are exempt from 27.10d on the exemption from the preparation of consolidated
the application of the valuation provisions of PAS 39 and PAS financial statements (PIC Q&A 2006-02).
40.Exemption from the tainting provision under PAS 39 for certain
The Philippine SEC has adopted PFRS for SMEs, which is based on
transactions such as the exchange of Benchmark Bonds and
the IFRS for SMEs issued by the IASB. PFRS for SMEs is effective
investment in foreign currency denominated National
for certain companies qualified as SMEs for annual periods beginning
Government/Bangko Sentral ng Pilipinas bonds/debt securities.
on or after January 1, 2010, except for the guidance in applying the
For mining companies, transitional relief from the application of PAS requirement of Section 23 (Revenue) in recognizing revenue from
39 on hedging contracts entered into and effective prior to January 1, agreement for construction of real estate which shall take effect for
2005 but outstanding as of January 1, 2006 was granted. periods beginning on or after January 1, 2012. Early adoption for
financial statements as of December 31, 2009 is permitted.
For listed companies, relief was granted in the preparation of interim
financial statements in 2005 as the more complex PFRS will be For Philippine financial reporting purposes, PFRS for SMEs shall
applied for the first time. After this first time application, the rules on cover corporations that:
interim financial reporting shall take effect on January 1, 2006.
(a) Have total assets of between P3 million and P350 million or total
The amendments to PAS 39 differ from the amendments to IAS 39 liabilities between P3 million and P250 million;
which uses a November 1, 2008 "cut-off date". Since the FRSC only
(b) Are not required to file financial statements under Securities
adopted the amendments on October 29, 2008, the Council decided
Regulation Code (SRC) Rule 68.1 (unlisted and non-public
to change the "cut-off date" for Philippine financial reporting purposes
entities);
to November 15, 2008. The November 15, 2008 "cut-off date"
approximates the period between October 13, 2008, the date when (c) Are not in the process of filing financial statements for the
IASB amendments were issued, and November 1, 2008. purpose of issuing any class of instruments in a public market;
For Philippine financial reporting purposes, IFRIC 15 is only effective (d) Are not holders of secondary licenses issued by a regulatory
for annual periods beginning on or after January 1, 2012. The FRSC agency such as banks, investment houses, finance companies,
decided to require mandatory application of the Interpretation in 2012 securities broker/dealers, mutual funds and pre-need companies;
to allow entities, engaged in real estate business, time to prepare for and
the implementation of the Interpretation. Entities are allowed to apply
(e) Are not public utilities.
the percentage of completion method from the sales of property
under pre-completion contracts in accordance with Philippine If applicable, which entities are required to prepare IFRS financial
Interpretation Committee (PIC) Q&A No. 2006-01 until the statements in addition to statutory local GAAP financial statements
effectiveness of IFRIC 15. (i.e., dual reporting requirements)?
Not applicable
PAS 20 is consistent with IAS 20 in all material respect, except for the
accounting for government loans with low interest rates. PIC Q&A
2007-02 issued three alternative accounting methods.

Philippines Asia

Not applicable
Philippines Institute of Certified Public Accountants
http://www.picpa.com.ph/
Tax information
Type of tax regime
Independent. Taxable profit is determined in accordance with a specific
Not applicable

Qatar Asia

Permitted for consolidated and standalone/separate financial statements Not applicable
Type of tax regime
Not applicable. No foreign companies or subsidiaries are listed on the
local exchange. Comments on tax regime
The Public Revenue and Taxes Department ("PRTD") generally requires
Are foreign companies listed on the stock exchange required to file entities to file tax returns with IFRS financial statements accompanying
IFRS f/s? the tax returns. Depreciation rates used for computing taxable profits are
Not applicable. No companies are listed on the local stock exchange. the ones specified by the tax law, and there are other specific
disallowable expenses that are not included in the computation of the
Rules for statutory filings taxable income as per tax law.
Version of IFRS
Not applicable.

Saudi Arabia Asia
Tadawul All-Share Index (TASI)
http://www.tadawul.com.sa/

IFRS is required for all banks regulated by the Saudi Arabian Monetary If applicable, which entities are required to prepare IFRS financial
Agency (Central Bank). statements in addition to statutory local GAAP financial statements
While other entities are not required/permitted to use IFRS, they are Not applicable
permitted to look to IFRS for guidance on matters where the local
accounting standards setting body has not issued any guidance or IFRS conversion plans
relevant accounting standards.
Version of IFRS The local standard setting body has not announced any adoption or
IFRS as published by IASB convergence plans.
Are subsidiaries of foreign companies or foreign companies listed on Other expected changes
local exchanges subject to different rules? There are ongoing discussions between regulatory authorities which may
No result in mandating IFRS adoption by insurance companies in the future.
Are foreign companies listed on the stock exchange required to file Other useful websites
IFRS f/s? Saudi Organization for Certified Public Accountants
No, except for listed banks with foreign ownership interest. Such banks http://www.socpa.org.sa/
are required to file IFRS financial statements and are regulated by the
Saudi Arabian Monetary Agency (Central Bank). Tax information
Type of tax regime
Rules for statutory filings Quasi-dependent. Taxable profit is principally based on the legal entity
Is IFRS required or permitted for statutory filings? statutory accounts, with a number of adjustments provided in the tax law.
IFRS is required for all banks regulated by the Saudi Arabian Monetary
Agency (Central Bank). Comments on tax regime
Saudi tax law does not currently permit the use of IFRS, and it is
While other entities are not required/permitted to use IFRS, they are expected that adjustments would be required to arrive at the taxable
permitted to look to IFRS for guidance on matters where the local income under Saudi law. IFRS does influence accounting where there is
accounting standards setting body has not issued any guidance or no guidance in local accounting standards, which could have a
relevant accounting standards. tax impact.

Singapore Asia
Singapore Stock Exchange
http://www.sgx.com/

Companies are permitted to use IFRS only if the listed Singapore- Companies are permitted to use IFRS only if the listed Singapore-
incorporated company is also listed on another stock exchange that incorporated company is also listed on another stock exchange that
requires IFRS, or the Singapore-listed company is not incorporated in requires IFRS, or the Singapore-listed company is not incorporated in
Singapore (foreign company) but in a country that requires IFRS, or Singapore (foreign company) but in a country that requires IFRS, or
permission is given by ACRA to the Singapore-incorporated company permission is given by ACRA to the Singapore-incorporated company
listed only in Singapore. listed only in Singapore.
Version of IFRS Version of IFRS
IFRS as adopted locally IFRS as adopted locally
Under the provisions of the Companies Act, all IFRS are considered by Under the provisions of the Companies Act, all IFRS are considered by
the Accounting Standards Council ("ASC") and most of them are issued the Accounting Standards Council ("ASC") and most of them are issued
as "Financial Reporting Standards" ("SFRS"), where appropriate taking as "Financial Reporting Standards" ("SFRS"), where appropriate taking
into account local circumstances. The SFRSs issued are largely aligned into account local circumstances. The SFRSs issued are largely aligned
to the IFRS, except for certain modifications, certain transitional to the IFRS, except for certain modifications, certain transitional
provisions, and differences in the timing of adoption. provisions, and differences in the timing of adoption.
Are subsidiaries of foreign companies or foreign companies listed on If applicable, which entities are required to prepare IFRS financial
local exchanges subject to different rules? statements in addition to statutory local GAAP financial statements
Yes. In the case of subsidiaries of foreign companies or foreign (i.e., dual reporting requirements)?
companies listed on local exchanges that are not incorporated in Singapore branches of foreign companies are subject to the same
Singapore, the Singapore Stock Exchange permits such a company to requirements as Singapore-incorporated companies.
prepare accounts under IFRS.
IFRS f/s?
SFRS will fully converge with IFRS by 2012. The fully converged SFRS
Foreign companies are permitted to file SFRS, IFRS or US GAAP
would be applicable for listed companies.

Singapore Asia
Accounting Standards Council
http://www.asc.gov.sg/
Tax information

Taiwan Asia
Taiwan Stock Exchange
http://www.twse.com.tw/en/
Gre Tai Securities
http://www.gretai.org.tw/en/

No A roadmap has been announced whereby all listed and OTC companies
will be required to adopt IFRS starting in 2013. All public companies
Version of IFRS except listed and OTC companies will be required to adopt IFRS starting
Not applicable in 2015.
local exchanges subject to different rules? Adopting IFRS by all companies in Taiwan is the goal; however the time
No line of full adoption by non-public companies is still under discussion and
Are foreign companies listed on the stock exchange required to file negotiation.
No, but they are permitted to use IFRS with a reconciliation to local Accounting Research and Develop Foundation in Taiwan
GAAP. http://www.ardf.org.tw/english/index.htm/
Rules for statutory filings Financial Supervisory Commission, Executive Yuan

http://www.fscey.gov.tw/ms.asp?mp=5/
No. Statutory financial statements must be prepared in accordance with Tax information
Taiwan GAAP.
Type of tax regime
Version of IFRS Quasi-dependent: Taxable profit is principally based on the legal entity
Not applicable statutory accounts, with a number of adjustments provided in the tax law.
Not applicable

Thailand Asia
The Stock Exchange of Thailand (SET)
http://www.set.or.th/
Market for Alternative Investment (MAI)
http://www.mai.or.th/

No; however, Thai GAAP (TAS) is mostly converged with IFRS (currently IFRS will be converged with local GAAP in phases. Some standards will
updated to conform with all international standards effective January 1, be adopted as TAS in 2011 and some in 2013. Full convergence is
2009). expected by January 1, 2013.

Not applicable As previously noted, Thai GAAP is very close to IFRS and is expected to
continue to converge with IFRS. Timing will likely be one or two years
Are subsidiaries of foreign companies or foreign companies listed on behind due to translation.
Federation of the Accounting Professions
Are foreign companies listed on the stock exchange required to file http://www.fap.or.th/
IFRS f/s?
No Tax information
Type of tax regime
Rules for statutory filings Independent: Taxable profit is determined in accordance with a specific
Is IFRS required or permitted for statutory filings? set of tax rules with little or no direct reliance on the legal entity statutory
No; however, Thai GAAP is mostly converged with IFRS (currently accounts of the company.
updated to conform with all international standards effective January 1,
2009) Comments on tax regime
Thailand has a largely independent tax regime, therefore there should be
Version of IFRS limited impact of an IFRS conversion, although there are some areas that
Not applicable tax follows the accounting treatment. In addition Thai GAAP is already
If applicable, which entities are required to prepare IFRS financial largely converged with IFRS.
Not applicable

Turkey Asia
Istanbul Stock Exchange
http://www.imkb.gov.tr/

Required for consolidated and standalone/separate financial statements Adoption is currently being discussed.
Effective from January 1, 2008, all listed companies started to prepare its In the current status in Turkey the unlisted companies prepare its
financial statements according to the EU endorsed IFRS. Until the financial statements as per the local GAAP, which is very different from
announcement of the differences between IFRS and EU endorsed IFRS International Financial Reporting Standards (IFRS), and make
by the Turkish Accounting Standards Board, IFRS may be used by the necessary reconciliation adjustments for tax purposes.
listed companies. The reservation on the application of IAS 29, Financial
Reporting in Hyperinflationary Economies (1 year difference between In accordance with the new draft Turkish Commercial Code ("TCC") all
IFRS) shall remain as it is. public and non-listed companies should prepare their financial
statements according to the Turkish Accounting Standards ("TAS")
Version of IFRS promulgated by the Turkish Accounting Standards Board ("TASB"). The
IFRS as adopted by the EU Code aims to ensure consistency among applications within Turkey,
compatibility between financial statements prepared in accordance with
TAS and the International Financial Reporting Standards (IFRS) and thus
acceptance of financial statements prepared in accordance with TAS in
No international markets.
Are foreign companies listed on the stock exchange required to file TAS are a translation of IFRS into the Turkish language and will be
IFRS f/s? revised in line with the changes to IFRS.
Yes
The Draft Commercial Code has started to discuss and vote in the Grand
Rules for statutory filings National Assembly of Turkey; the earliest expected date that
Is IFRS required or permitted for statutory filings? Turkish Commercial Code will come into force is January 1, 2010.
No
TASB may issue a different set of accounting standards for the small and
Version of IFRS medium sized entities which will possess the same framework with that of
Not applicable Turkish Accounting Standards.
If applicable, which entities are required to prepare IFRS financial Other useful websites
statements in addition to statutory local GAAP financial statements Turkish Accounting Standards Board
(i.e., dual reporting requirements)? http://www.tmsk.org.tr/
All listed companies

Turkey Asia
Tax information
Type of tax regime
There is currently no new draft legislation that deals with the adoption of
IFRS which is expected in 2009. The adoption of IFRS is anticipated to
have limited tax effect, although it is currently unclear.

Uzbekistan Asia

Uzbek Republican Stock Exchange "Tashkent"
http://www.uzse.uz/new/main/main.asp

Permitted for standalone/separate financial statements. Required for all The local standard setting body has not announced any adoption plans;
commercial banks. however, there is a step by step convergence plan of local GAAP with
Version of IFRS IFRS.
local exchanges subject to different rules? http://www.mf.uz/
No Tax information
IFRS f/s? Dependent: Taxable profit is based on the legal entity statutory accounts,
No, but they are permitted to use IFRS. with only limited adjustments to determine taxable profits.
Permitted for standalone/separate financial statements. Required for all
commercial banks.
Version of IFRS
statements in addition to statutory local GAAP financial statements?
Not applicable

Vietnam Asia
Local stock exchanges

Hanoi Stock Exchange
http://www.hastc.org.vn/
Ho Chi Minh Stock Exchange
http://www.hsx.vn/
Rules for listed filings State owned banks are required to prepare IFRS financial statements in
addition to statutory local GAAP financial statements.
Required for state owned banks. Permitted for commercial banks (other IFRS conversion plans
than state owned banks).
All listed companies must report under Vietnamese Accounting The Ministry of Finance, the Vietnamese standard setter, is currently
Standards which is based on the old IAS rather than IFRS. working on a number of Vietnamese Accounting Standards which are
Version of IFRS based on IFRS. Currently all the Vietnamese Accounting Standards are
IFRS as published by IASB based on the old version of IAS.
local exchanges subject to different rules? Commercial joint stock banks will likely be required to prepare their IFRS
No financial statements in addition to the FS prepared under local GAAP.
Currently they are only encouraged to do so.
No Ministry of Finance
http://www.mof.gov.vn/
Rules for statutory filings State Bank of Vietnam
Is IFRS required or permitted for statutory filings? http://www.sbv.gov.vn/
Required for state owned banks. Permitted for commercial banks (other
than state owned banks). Tax information
All listed companies must report under Vietnamese Accounting
Standards which is based on the old IAS rather than IFRS. statutory accounts, with a number of adjustments provided in the tax law.
Version of IFRS
West Bank/Gaza Asia
Palestine Securities Exchange
http://www.p-s-
e.com/psewebsite/english/default.aspx

Permitted for consolidated and standalone/separate financial statements The local standard setting body has not announced any adoption or
convergence plans.
Version of IFRS
IFRS as published by IASB Tax information
local exchanges subject to different rules? Quasi-dependent: Taxable profit is principally based on the legal entity
IFRS f/s?
No

Version of IFRS
Not applicable

Africa
Angola Africa

No
Statements must be prepared using Angolan Accounting law.
Version of IFRS
Not applicable
Not applicable

There is discussion of converging local standards to IFRS; however, no
timeline has yet been announced (and it is not expected to occur in the
short term).
There is no local standard setter (as such, no related website). The
National Bank of Angola has various banking regulations (including
certain accounting/disclosure requirements for financial institutions)
available on its website at www.bna.ao.
Tax information
Not applicable

Botswana Africa

Botswana Stock Exchange
http://www.bse.co.bw/

IFRS as published by IASB The Financial Reporting Act (currently in bill form) will establish the
Are subsidiaries of foreign companies or foreign companies listed on Botswana Accounting Oversight Board, which will be tasked with
local exchanges subject to different rules? reviewing the annual financial statements of all public interest entities as
defined and will also regulate auditors of such entities.
No
IFRS f/s? Botswana Institute of Accountants
http://www.bia.org.bw/
Yes
Rules for statutory filings Tax information

Type of tax regime
Version of IFRS
Not applicable

Cameroon Africa
BVMAC
http://www.bvm-ac.com/
Douala Stock Exchange (DSX)
http://www.douala-stock-exchange.com/

Not applicable. Financials must be prepared in accordance with OHADA
accounting framework.
No
Version of IFRS
Not applicable (i.e., dual reporting requirements)?
Financials must be prepared in accordance with the Organization for the No
Harmonization of Business Law in Africa ("OHADA") accounting
framework. IFRS conversion plans
Are subsidiaries of foreign companies or foreign companies listed on Plans for converging
local exchanges subject to different rules? The local standard setting body has not announced any adoption or
No convergence plans.
IFRS f/s?
Type of tax regime
Not applicable
No foreign companies currently listed on local exchange. statutory accounts, with a number of adjustments provided in the
tax law.
No

Cote D'Ivoire Africa
BRVM
http://www.brvm.org

No. All financial statements must be issued in accordance with the The local standard setting body has not announced any adoption or
Organization for the Harmonization of Business Law in Africa ("OHADA") convergence plans.
Accounting Framework.
Tax information
Version of IFRS
Type of tax regime
Not applicable
No
IFRS f/s?
No foreign companies are currently listed on the stock exchange.

No. All financial statements must be issued in accordance with the
OHADA Accounting Framework.
Version of IFRS
Not applicable
Not applicable

Congo
Democratic Republic of Congo
Democratic Republic of Africa


No
Version of IFRS
Not applicable
Not applicable

Adoption of IFRS is being discussed; however, there is no clear plan or
timetable.
Other expected changes
There is also discussion of the possibility of adopting the accounting
framework of the Organization for the Harmonization of Business Law in
Africa ("OHADA") OHADA is used by neighboring countries.
Tax information
Type of tax regime

Egypt Africa
Cairo & Alexandria stock exchange
http://www.egyptse.com

No Partial convergence of local GAAP and IFRS was completed in 2007; no
Version of IFRS exact time frame has been announced for full conversion.
Not available Other useful websites
Are subsidiaries of foreign companies or foreign companies listed on Capital Market Authority
local exchanges subject to different rules? http://www.cma.gov.eg/
No Tax information
IFRS f/s? Independent. Taxable profit is determined in accordance with a specific
Not applicable. Foreign companies are prohibited from being listed on the set of tax rules with little or no direct reliance on the legal entity statutory
local stock exchange. accounts of the company.
No. Statutory accounts must be prepared in accordance with Egyptian
Accounting Standards.
Version of IFRS
Not applicable
Not applicable

Equatorial Guinea Africa
BVMAC

No The local standard setting body has not announced any adoption or
Version of IFRS conversion plans.
Not applicable. Official reporting basis is the Organization for the Tax information
Harmonization of Business Law in Africa ("OHADA") accounting
requirements. Not available
Not applicable.
No company is, at present, listed on the stock exchange. Subsidiaries of
foreign companies reporting for group purposes use IFRS if that is the
reporting framework of the parent company.
IFRS f/s?
No

No
Version of IFRS
Not applicable. Official reporting basis is OHADA accounting
requirements.
Not applicable

Gabon Africa

BVMAC

Not applicable. No companies are currently listed on the stock exchange. The local standard setting body has not announced any adoption or
conversion plans.
Version of IFRS
Not applicable Tax information
Not applicable statutory accounts, with a number of adjustments provided in the tax law.
IFRS f/s?
Not applicable

No
Version of IFRS
Not applicable
Not applicable

Ghana Africa

Ghana Stock Exchange
http://www.gse.com.gh

Required for consolidated and standalone/separate financial statements SMEs, state-owned organizations, and private organizations will be
required to adopt IFRS for SMEs in 2010.
Version of IFRS
IFRS as published by IASB Other expected changes
Not applicable.
local exchanges subject to different rules? Other useful websites
No Institute of Certified Public Accountants of Kenya
http://www.icagh.com
Yes
Type of tax regime
Dependent. Taxable profit is based on the legal entity statutory accounts,
IFRS is required for the statutory filings for financial services companies.
Version of IFRS
Not applicable.

Kenya Africa
Nairobi Stock Exchange
http://www.nse.co.ke/

IFRS as published by IASB IFRS for SMEs has been adopted for qualifying entities.
local exchanges subject to different rules? Institute of Certified Public Accountants of Kenya
No http://www.icpak.com/
IFRS f/s?
Tax information
Dependent. Taxable profit is based on the legal entity statutory accounts,
Version of IFRS
Not applicable. All companies are required to prepare IFRS financial
statements.

Madagascar Africa

No
Version of IFRS
Not applicable. Statutory accounts are required to be prepared in
accordance with Malagasy GAAP (which is similar to IFRS but not
entirely converged).
Not applicable

convergence plans.
Tax information
Type of tax regime

Africa
Malawi
Malawi Stock Exchange
http://www.mse.co.mw/

Version of IFRS (i.e., dual reporting requirements)?
IFRS as published by IASB Not applicable
No Plans for converging
Not applicable
Yes Society of Accountants in Malawi
http://www.socam.mw/
Required for consolidated and standalone/separate financial statements. Type of tax regime
Private companies can apply IFRS or IFRS for SMEs. Quasi-dependent. Taxable profit is principally based on the legal entity

Mauritius Africa
The Stock Exchange of Mauritius
http://www.stockexchangeofmauritius.com/

Version of IFRS
Tax information
Type of tax regime
No
Are foreign companies listed on the stock exchange required to file Some of the adjustments include: pension cost allowed when paid, tax
IFRS f/s? allowances at prescribed rates in lieu of depreciation, some non-tax
Yes. They are required to file IFRS financial statements. deductible items, fair value gains and losses not taxable/tax deductible,
etc.
Yes
However, companies holding a category 1 global business license can
prepare financial statements under an internationally recognized
accounting framework but must obtain permission from the Financial
Services Commission. The Company may be required to prepare a
reconciliation.
Version of IFRS
Not applicable
Not applicable

Morocco Africa
Casablanca Stock Exchange
http://www.cdvm.gov.ma/

IFRS is permitted for consolidated financial statements. IFRS is required Convergence of local GAAP to IFRS for consolidated accounts is
for consolidated financial statements of banks and financial institutions. expected by 2012. Some IFRS principles may also be incorporated into
Version of IFRS local GAAP for statutory accounts.
IFRS as published by IASB. In practice, some of the listed companies Other useful websites
other than banks use IFRS as adopted by the EU. Regulator for listed companies
Are subsidiaries of foreign companies or foreign companies listed on http://www.cdvm.gov.ma/
local exchanges subject to different rules? Standard setter
No http://www.oec-maroc.com/
IFRS f/s?
No, but they are permitted to use IFRS for consolidated financial Type of tax regime
statements. IFRS is required for consolidated financial statements of Quasi-dependent. Taxable profit is principally based on the legal entity
banks and financial institutions statutory accounts, with a number of adjustments provided in the tax law.

No. All statutory accounts must be prepared under Moroccan GAAP.
Version of IFRS
Not applicable
Not applicable

Mozambique Africa
Bolsa de Valores de Mocambique

IFRS as adopted locally. Local law enacted in 2009 codified accounting
principles to match IFRS. Some minor differences exist which may
IFRS is required for financial and lending institutions (FIs) and certain
become more noted as changes in IFRS continue.
very large investments (VLIs) >$500 million. In addition, certain state-
owned, listed, large entities will be required to adopt IFRS in 2009. If applicable, which entities are required to prepare IFRS financial
Certain medium sized entities will be required to adopt in 2011. IFRS will statements in addition to statutory local GAAP financial statements
be permitted for other entities starting in 2010. (i.e., dual reporting requirements)?
Not applicable
Version of IFRS
IFRS as adopted locally. Local law enacted in 2009 codified accounting IFRS conversion plans
principles to match IFRS. Some minor differences exist which may
become more noted as changes in IFRS continue. Plans for converging
Certain state-owned, listed, large entities are now required to use IFRS.
Are subsidiaries of foreign companies or foreign companies listed on Certain medium sized entities will be required to adopt in 2011. Starting
local exchanges subject to different rules? in 2010, IFRS is now permitted for other entities.
No (except for FIs and VLIs); Foreign investors may use IFRS but none
of these are listed. Tax information
Foreign listed companies are subject to the same rules as domestic listed statutory accounts, with a number of adjustments provided in the tax law.
companies.
IFRS is generally not permitted; however it is required for financial and
lending institutions (FIs) and certain very large investments (VLIs)
>$500 million.

Namibia Africa
Namibian Stock Exchange
http://www.nsx.com.na/

Type of tax regime
No
IFRS f/s?
Yes

Version of IFRS
Not applicable
Not applicable

Nigeria Africa
Nigerian Stock Exchange
http://www.nigerianstockexchange.com/
Also Abuja Commodity Exchange

No The local standard setting body has commenced the process of adopting
IFRS. A road map is currently being finalized. It is expected that IFRS will
Version of IFRS be fully adopted in the next two to three years.
Not applicable
Are subsidiaries of foreign companies or foreign companies listed on Nigeria Accounting Standards Board
local exchanges subject to different rules? http://www.nasbnigeria.org/
No
No Quasi-dependent: Taxable profit is principally based on the legal entity
Is IFRS required or permitted for statutory filings? Nigerian companies are required to keep books in the local GAAP, and
No. these are the ones on which the taxable income is based. IFRS adoption
Version of IFRS has not been anticipated by the tax authority. Note that for Petroleum
Not applicable companies, the determination of taxable profits is virtually independent of
the statutory accounts, as a different basis is often used for calculating
If applicable, which entities are required to prepare IFRS financial sales revenue.
Not applicable

Republic of Congo Africa
BVMAC

Not applicable. No company is currently listed on the local exchange. The local standard setting body has not announced any adoption or
convergence plans.
Version of IFRS
Are subsidiaries of foreign companies or foreign companies listed on Not available
Not applicable. No company is currently listed on the local exchange.
IFRS f/s?
Not applicable. No company is currently listed on the local exchange.

No. Statutory financial statements must be prepared in accordance with
the Organization for the Harmonization of Business Law in Africa
("OHADA") accounting principles.
Version of IFRS
Not applicable
Not applicable

Senegal Africa
BVRM
http://www.brvm.org/

No The local standard setting body has not announced any adoption or
convergence plans.
Version of IFRS
Are subsidiaries of foreign companies or foreign companies listed on Not available
No
IFRS f/s?
No foreign company is currently listed on the stock exchange.

No
Version of IFRS
Not applicable
Not applicable

South Africa Africa

Johannesburg Stock Exchange
http://www.se.co.za

IFRS as published by IASB The South African Institute of Charted Accountants The Accounting
Are subsidiaries of foreign companies or foreign companies listed on Practices Board (APB) is the official standard-setting body of South
local exchanges subject to different rules? Africa.
http://www.saica.co.za/
No
Yes Quasi-dependent. Taxable profit is principally based on the legal entity
Rules for statutory filings tax law.
Permitted for consolidated and standalone/separate financial statements; Company legislation is currently being changed which might impact the
Otherwise, companies must use SA GAAP (which is almost identical to above. The expected effective date is July 2010.
IFRS).
SA GAAP is almost identical to IFRS. Some minor differences remain
and a delay in the approval process arises in practice, but the effective
dates remain the same.
Version of IFRS
Not applicable

Swaziland Africa

Swaziland Stock Exchange
http://www.ssx.org.sz/

IFRS as published by IASB Swaziland Institute of Accountants
Are subsidiaries of foreign companies or foreign companies listed on http://www.sia.org.sz/
No Tax information
Type of tax regime
Yes

Version of IFRS
Not applicable

Tanzania Africa
Dar es Salaam Stock Exchange
http://www.dse.co.tz/

Version of IFRS
Tax information
Type of tax regime
No
IFRS f/s?
Yes

Version of IFRS
Not applicable

Uganda Africa
Uganda Securities Exchange
http://www.use.or.ug/

Version of IFRS
Tax information
Type of tax regime
No
IFRS f/s?
Yes

Version of IFRS
All companies are required to use IFRS.

Zambia Africa

Lusaka Stock Exchange
http://www.luse.co.zm/

IFRS as published by IASB Zambia Institute of Chartered Accountants
Are subsidiaries of foreign companies or foreign companies listed on http://www.zica.co.zm/
No
Tax information
Not available
IFRS f/s?
Yes

Version of IFRS
All companies are required to use IFRS.

Zimbabwe Africa
Zimbabwe Stock Exchange
http://www.zse.co.zw/

IFRS as published by IASB Local GAAP is based on the 1998 version of IFRS; it is expected that
IFRSs automatically apply when issued by the IASB, and the effective local GAAP will be updated to the current IFRS in the future.
dates are the same. However, the Companies Act (Chapter 24:03) only Other useful websites
formally adopted (through a statutory instrument) all IASs in 1998 except Institute of Chartered Accountants of Zimbabwe
IAS 29. In practice, the country operates on full IASB IFRS based on http://www.icaz.org.zw/
resolutions made by ICAZ and Zimbabwe Accounting Practices Board
("ZAPB"). Tax information
IFRS f/s?
Yes

of non-private companies. Also required for all audited companies.
Version of IFRS
Not applicable

Oceana
Australia Oceana

Australian Securities Exchange
http://www.asx.com.au
IFRS f/s?
Rules for listed filings No, but they are permitted to use IFRS.
IFRS required or permitted for listed companies? In most cases, foreign companies will be able to file the same financial
Required for consolidated and standalone/separate financial statements statements as they do in their place of origin, regardless of whether they
Version of IFRS are prepared in accordance with IFRS. However, the Australian regulator
may require additional information (including IFRS compliant financial
reports) if it is of the opinion that the documents filed do not sufficiently
Australian accounting standards for for-profit entities are consistent with disclose the companys financial position.
IFRS, with the exception of some additional disclosure requirements.
There are also a couple of standards and interpretations on issues that Rules for statutory filings
are not dealt with under IFRS, for example specific accounting Is IFRS required or permitted for statutory filings?
requirements for general and life insurance contracts and local issues Required for most consolidated and standalone/separate financial
such as the accounting for Petroleum Resource Rent Tax. These are statements
withdrawn if a particular issue is subsequently addressed by the IASB or
the IFRIC. Australia currently has a differential reporting regime where the extent of
compliance with accounting standards (i.e., IFRS) depends on whether
Australian accounting standards continue to have specific provisions an entity is considered to be a reporting entity or not. Only reporting
added for not-for-profit and public sector entities which may not always entities must comply with all aspects of all applicable IFRS. Non-reporting
be compliant with IFRS. entities that are required to prepare financial reports under the
Are subsidiaries of foreign companies or foreign companies listed on Corporations Act must comply with all recognition and measurement
local exchanges subject to different rules? aspects but may elect not to make all relevant disclosures. Other non-
Some are. Subsidiaries of foreign companies that are incorporated in reporting entities (e.g. trusts or partnerships) do not need comply with
Australia are subject to the same rules as local companies. However, any of the standards.
foreign companies listed on the ASX may not need to file IFRS financial
statements.

Australia Oceana
An entity is a reporting entity if it is reasonable to expect that there are IFRS conversion plans
users which would be dependent on general purpose financial reports for Plans for converging
information which will be useful to them for making and evaluating
Not applicable
decisions about the allocation of scarce resources. Whether an entity is a
reporting entity depends on factors such as the level of separation of Other expected changes
management and ownership, economic or political importance and The AASB is currently reviewing the reporting entity concept. It has
financial characteristics such as size and indebtedness. proposed to replace it with a two-tier disclosure regime. Under this
Version of IFRS regime, all entities that file financial reports with the local regulator would
have to comply with the recognition and measurement requirements of
full IFRS. However, entities that are not publicly accountable (as defined
Australian accounting standards for for-profit entities are consistent with in the IFRS for SMEs standard) could adopt reduced disclosure
IFRS, with the exception of some additional disclosure requirements. requirements similar to those included in the IFRS for SMEs standard. At
There are also a couple of standards and interpretations on issues that this stage, the AASB not intend to adopt the IFRS for SMEs standard.
are not dealt with under IFRS, for example specific accounting
requirements for general and life insurance contracts and local issues
such as the accounting for Petroleum Resource Rent Tax. These are Local standard setter (Australian Accounting Standards Board)
withdrawn if a particular issue is subsequently addressed by the IASB or http://www.aasb.gov.au
the IFRIC. Local regulator (Australian Securities and Investments Commission)
Australian accounting standards continue to have specific provisions http://www.asic.gov.au
added for not-for-profit and public sector entities which may not always
be compliant with IFRS.
Tax information
Type of tax regime
If applicable, which entities are required to prepare IFRS financial Independent. Taxable profit is determined in accordance with a specific
Not applicable
Taxable profits are based on the tax law although IFRS may impact some
determinations, where values are based on accounting standards.

New Zealand Oceana
NZX Limited
http://www.nzx.com/
IFRS required or permitted for listed companies? (i.e., dual reporting requirements)?
Version of IFRS
IFRS as adopted locally IFRS conversion plans
local exchanges subject to different rules? Not applicable
Are foreign companies listed on the stock exchange required to file New Zealand Institute of Chartered Accountants
IFRS f/s? http://www.nzica.com/
Yes Accounting Standards Review Board
http://www.asrb.co.nz/
Rules for statutory filings Financial Reporting Standards Board (included in NZICA website)
Is IFRS required or permitted for statutory filings? http://www.nzica.com/AM/Template.cfm?Section=Financial_Reporting_St
IFRS, as adopted locally and referred to as New Zealand Equivalents to andards/
IFRS (NZ IFRS), is required for all companies unless they are not an
issuer, not overseas owned and not large (under 2 of NZD20m turnover, Tax information
NZD10m net assets and 50 employees). All others continue to use pre- Type of tax regime
NZ IFRS standards (i.e., New Zealand Financial Reporting Standards,
FRS).
Version of IFRS
New Zealand has removed cost option in IAS 40 and requires additional
information in IFRS 7 and IAS 10. New Zealand has sector neutral
standards so there are additional amendments in some standards for the
public sector.

pwc.com
2010 PricewaterhouseCoopers LLP. All rights reserved. "PricewaterhouseCoopers" refers to PricewaterhouseCoopers LLP (a Delaware limited liability partnership) or, as the context requires, the
IFRS adoption by country global network or other member firms of the network, each of which is a separate and independent legal entity. NY 10-0561
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The information within summarizes data collected from various sources during January 2010 regarding the use

North America 1 Venezuela 34

Antigua and Barbuda North America

Local stock exchange

Rules for listed filings IFRS conversion plans

Rules for statutory filings

IFRS adoption by country

Rules for listed filings

Rules for statutory filings

IFRS conversion plans

IFRS adoption by country

Local stock exchange

IFRS adoption by country

Rules for listed filings IFRS conversion plans

Rules for statutory filings

IFRS adoption by country

Local stock exchange

Rules for listed filings IFRS conversion plans

Rules for statutory filings

IFRS adoption by country

Rules for listed filings IFRS conversion plans

IFRS adoption by country

Rules for listed filings IFRS conversion plans

Rules for statutory filings

IFRS adoption by country

Local stock exchange

Rules for listed filings IFRS conversion plans

Rules for statutory filings

IFRS adoption by country

IFRS adoption by country

Rules for listed filings IFRS conversion plans

Rules for statutory filings

IFRS adoption by country

Rules for listed filings

Rules for statutory filings

IFRS conversion plans

IFRS adoption by country

Local stock exchange

Rules for listed filings IFRS conversion plans

Rules for statutory filings

IFRS adoption by country

Local stock exchange

IFRS adoption by country

IFRS adoption by country

IFRS adoption by country

Local stock exchange

Rules for statutory filings

IFRS conversion plans

IFRS adoption by country

Rules for listed filings

Rules for statutory filings

IFRS conversion plans

IFRS adoption by country

Local stock exchange

Rules for listed filings IFRS conversion plans

Rules for statutory filings

IFRS adoption by country

Rules for listed filings

Rules for statutory filings

IFRS conversion plans

IFRS adoption by country

Rules for listed filings IFRS conversion plans

Rules for statutory filings

IFRS adoption by country