Use of IFRS by jurisdiction (2024)

Domestic listed companiesDomestic unlisted companiesCodeJurisdictionIFRSs not
permittedIFRSs
permittedIFRSs
required
for someIFRSs
required
for allAudit report
states compliance
with IFRSUse of IFRSs by unlisted companiesAEAbu Dhabi – United Arab EmiratesXYesIFRSs required for all banks, permitted for other companies Note 23AFAfghanistanNo stock exchange in AfghanistanNote 30All companies other than micro-sized companies are required to use IFRS as issued by the IASBALAlbaniaNo stock exchange in AlbaniaNote 29IFRSs required for financial institutions, subsidiaries of internationally listed parents, and large companiesDZAlgeriaNo stock exchange in AlgeriaIFRSs not permittedASAmerican SamoaNo stock exchange in American SamoaIFRSs permittedAOAngola

X
Financial Institutions from 2016

AIAnguillaX Note 15YesAGAntigua and BarbudaX Note 15YesIFRS for SMEsARArgentinaXIFRSs not permittedAMArmeniaXYesIFRSs required for allAWArubaXYesATAustriaX Note 1No. 'As Adopted by EU'IFRSs permitted in consolidated statements, prohibited in separate statements.AUAustraliaX Note 2YesAustralian IFRS equivalents required for some large unlisted, permitted for others.AZAzerbaijanXYesSeparate IFRS financial statements required for banks (listed and unlisted) and, starting 2008, for large state-owned enterprises. For others, IFRSs permitted.BSBahamasXYesIFRSs permitted. IFRS for SMEs permitted for all companies that do not have public accountabilityBHBahrainXYesIFRSs required for allBDBangladeshX Note 9BBBarbadosXYesCompanies may choose full IFRSs or IFRS for SMEsBEBelgiumX Note 1No. 'As Adopted by EU'IFRSs required in consolidated statements of unlisted banks and credit institutions, permitted for other companies. IFRSs not permitted in separate company statements.BYBelarusX
Banks since 2008, all others from 2017 (with restatements of 2016 statements at that time)YesIFRSs required for banksBZBelizeNo stock exchange in Belize.Unlisted companies may use IFRSs or other internationally accepted standards (particularly US GAAP or Canadian GAAP).BJBeninXIFRSs not permittedBMBermudaXYesBTBhutanXBOBoliviaXYesBABosnia and HerzegovinaXYesBWBotswanaXYesIFRSs required for some, permitted for othersBRBrazilAll listed companies and all financial institutions starting 2010. Optional for listed companies prior to 2010.Yes, except...
Undecided for unlisted banks for 2010 only because, for them, comparative IFRS financial statements for 2009 are not requiredIFRSs not permittedBNBrunei DarussalamNo stock exchange in BruneiIFRSs are permitted but not often usedBGBulgariaX Note 1No. 'As Adopted by EU'IFRSs required in both the consolidated and separate company financial statements of unlisted financial institutions and all large unlisted limited liability entities. Other unlisted companies are permitted to use IFRSs.BFBurkina FasoXIFRSs not permittedBIBurundiNo stock exchange in BurundiIFRSs not permittedKHCambodiaXCACanadaX Note 7YesIFRSs permitted (starting 2011)KYCayman IslandsXYesCLChileX (starting 2009)YesIFRSs required starting 2009.CNChinaNote 14Note 14CICote D'Ivoire (Ivory Coast)XIFRSs not permittedCOColombiaXNote 25IFRSs not permittedCRCosta RicaXYesIFRSs required for allHRCroatia (Hrvatska)X Note 1No. 'As Adopted by EU'IFRSs required for all financial institutions and large unlisted companies, permitted for othersCUCubaXIFRSs not permittedCYCyprusX Note 1No. 'As Adopted by EU'IFRSs required for allCZCzech RepublicX Note 1No. 'As Adopted by EU'IFRSs as adopted by EU permitted in consolidated statements. Companies that follow IFRSs as adopted by EU for their consolidated financial statements and companies that are part of a group which prepare their consolidated financial statements under IFRS as adopted by EU are permitted to use IFRSs as adopted by EU also for their separate financial statements.DKDenmarkX Note 1No. 'As Adopted by EU'IFRSs permitted in both consolidated and separate company statementsDMDominicaXYesDODominican RepublicX Note 20YesIFRSs permittedAEDubai – United Arab EmiratesXYesIFRSs required for all banks, permitted for other companies Note 23ECEcuadorX Phase-in 2010-2012YesIFRS required for some in 2011, all in 2012EGEgyptXSVEl SalvadorXYesEREritreaNo stock exchange in EritreaIFRSs are required for Government-owned enterprises, newly privatised companies (large taxpayers, or 'LTOs'), banks, and insurance companies.EEEstoniaX Note 1No. 'As Adopted by EU'IFRSs required in both consolidated and separate financial statements of financial institutions. IFRSs permitted in both consolidated and separate statements of other companies.FJFijiXYesIFRSs required for government majority owned, banking, financial institutions, medium and large, and others.FIFinlandX Note 1No. 'As Adopted by EU'IFRSs permitted in both consolidated and separate company statements.FRFranceX Note 1No. 'As Adopted by EU'IFRSs permitted in consolidated statements, prohibited in separate company statements.GMGambiaNo stock exchange in the Gambia, however, banks are required to apply IFRSs and all other companies may apply IFRSsIFRSs are permittedDEGermanyX Note 1No. 'As Adopted by EU'IFRSs permitted in both consolidated and separate company statements. Statutory accounts that conform to national GAAP are also required.GEGeorgiaXYesIFRSs required in both consolidated and separate company statements.GHGhanaXYesIFRSs required for unlisted banks, utilities, brokerage, insurance, government-owned businesses starting 2007. IFRSs will be required for all other unlisted entities starting 2009.GIGibraltarXYesIFRSs permitted except for some regulated companies that will prepare under UK GAAPGDGrenadaX Note 15YesGRGreeceX Note 1No. 'As Adopted by EU'IFRSs permitted in audited consolidated and separate company financial statements.GLGreenlandNo stock exchange in GreenlandDanish Accounting Standards are normally followed, though IFRSs are permittedGUGuamNo stock exchange in GuamIFRSs not permitted. Unlisted companies follow US GAAP.GTGuatemalaXYesIFRSs required for allGYGuyanaXYesCompanies may choose full IFRSs or IFRS for SMEsHTHaitiXYesIFRSs permitted for allHNHondurasXYesIFRSs required for allHKHong KongX Note 3Yes for companies incorporated outside HK. HK incorporated companies refer to 'Hong Kong FRS'Hong Kong IFRS equivalents permittedHUHungaryX Note 1No. 'As Adopted by EU'IFRSs permitted in both consolidated and separate company statements. Statutory accounts that conform to national GAAP are also required.ISIcelandX Note 1No. 'As Adopted by EU'IFRSs permitted in both consolidated and separate company statementsINIndiaX
Permitted for consolidated financial results only.Note 8YesIFRSs not permittedIDIndonesiaXNote 28IFRSs not permittedIRIranXIFRSs not permittedIQIraqXYesAll banks including unlisted.IEIrelandX Note 1No. 'As Adopted by EU'IFRSs permitted in both consolidated and separate company statements.ILIsraelX All Except BanksYesIFRSs permitted (except banks)ITItalyX Note 1No. 'As Adopted by EU'IFRSs permitted in consolidated financial statements except for very small companies. IFRSs permitted in separate company statements except for very small, insurance companies, and some regulated companies.JMJamaicaXYesIFRSs required for allJPJapanX Note 12Depends on the status of designationIFRSs not permittedJOJordanXYesIFRSs required for some (banks, insurance companies), all other companies have the choice between IFRSs and the IFRS for SMEsKZKazakhstanXYesIFRSs required for all banks, joint stock companies, and other significant public interest companies, including large unlisted companies, extractive industry companies and companies with Governmental ownershipKEKenyaXYesIFRSs required for allKRKorea (South)XYesIFRS required for financial institutions and state-owned companies; IFRS permitted for other unlisted companiesKWKuwaitXYesIFRSs required for allKGKyrgyzstanXYesIFRSs required for allLALaosXYesLVLatviaX Note 1No. 'As Adopted by EU'IFRSs required for financial institutions, not permitted for othersLBLebanonXYesIFRSs required for allLRLiberiaNo stock exchange in LiberiaIFRS required for all banks from 2012, most other companies use US GAAPLILiechtensteinX Note 1No. 'As Adopted by EU'IFRSs permitted in both consolidated and separate company statementsLSLesothoXYesLTLithuaniaX Note 1No. 'As Adopted by EU'IFRSs required for some financial institutions, permitted for othersLULuxembourgX Note 1No. 'As Adopted by EU'IFRS permitted, subject to approval in most cases Note 22LYLibyaX Note 24information not available Note 24IFRSs required for commercial banks Note 24MOMacauNo stock exchange in Macau.IFRSs permittedMKMacedoniaXYesIFRSs not permittedMGMadagascarNo stock exchange in MadagascarIFRSs required for someMWMalawiXYesIFRSs not permittedMYMalaysiaX Note 16Malaysian equivalent to IFRS for SMEs effective from 2016MVMaldivesXYesIFRSs permittedMLMaliXIFRSs not permittedMTMaltaX Note 1No. 'As Adopted by EU'IFRSs permitted for allMRMauritaniaNo stock exchange in Mauritania.IFRSs not permittedMUMauritiusXYesIFRSs required for some, permitted for othersMXMexicoXNote 17YesIFRSs permittedMDMoldovaXIFRSs permittedMNMongoliaXYesIFRSs required for allMEMontenegroXYesIFRSs required for allMAMoroccoX Banks/financial institutions must use IFRSs starting 2008. Listed companies other than banks and financial institutions may choose IFRSs or Moroccan GAAP.YesMZMozambiqueXYesRequired for banks (2007), large unlisted (starting 2010), and medium-sized unlisted (starting 2011)MMMyanmarXYesNANamibiaXYesNLNetherlandsX Note 1No. 'As Adopted by EU'IFRSs permitted in both consolidated and separate company statements.ANNetherlands AntillesXYesNPNepalXYesIFRSs permittedNCNew CaledoniaNo stock exchange in New Caledonia.As a French Department, New Caledonia follows French accounting requirements. This means that, for unlisted companies, IFRSs are permitted in consolidated statements, prohibited in separate company statements.NZNew ZealandX Note 2YesNew Zealand IFRS equivalents required for large unlisted, permitted for othersNINicaraguaXYesIFRSs required for allNENigerXIFRSs not permittedNGNigeriaX (starting 2012) Note 21To be determined Note 21NONorwayX Note 1No. 'As Adopted by EU'IFRSs permitted in both consolidated and separate company statements.OMOmanXYesIFRSs required for allPKPakistanX Note 18IFRSs not permittedPAPanamaXYesIFRSs required for some, IFRS for SMEs for others. However the law requiring IFRSs is under legal challenge.PGPapua New GuineaXYesPYParaguayXYesIFRSs permittedPEPeruXYesPHPhilippinesX Note 11PLPolandX Note 1No. 'As Adopted by EU'IFRSs required for consolidated financial statements of banks, permitted in consolidated financial statements of companies that have applied for stock exchange listing or whose parent uses IFRSs. IFRSs permitted in the separate financial statements of companies that have applied for stock exchange listing or whose parent uses IFRSs, prohibited in the separate financial statements of other companies.PTPortugalX Note 1No. 'As Adopted by EU'IFRSs required in consolidated financial statements of banks and financial institutions, permitted for others. IFRSs permitted in separate company statements of a company that is within the scope of a consolidated group that uses IFRSs, not permitted for other companies.QAQatarXYesIFRSs required for allREReunionNo stock exchange in Reunion.As a French Department, Reunion follows French accounting requirements. This means that, for unlisted companies, IFRSs are permitted in consolidated statements, prohibited in separate company statements.RORomaniaX Note 1No. 'As Adopted by EU'IFRSs required for consolidated financial statements of banks, permitted in consolidated financial statements of companies that have applied for stock exchange listing or whose parent uses IFRSs. IFRSs permitted in the separate financial statements of companies that have applied for stock exchange listing or whose parent uses IFRSs, prohibited in the separate financial statements of other companies.RURussiaXNote 26WSSamoaNo stock exchange in SamoaIFRSs are permittedKNSt Kitts and NevisX Note 15YesSASaudi ArabiaX Note 6YesIFRS for SMEs requiredSNSenegalXIFRSs not permittedRSSerbia (Republic of)XYesIFRSs required for allSLSierra LeoneXYesIFRSs required for some, IFRS for SMEs for othersSGSingaporeX Note 13No. Singapore FRSs required Note 13SISloveniaX Note 1No. 'As Adopted by EU'IFRSs required for financial institutions, permitted for othersSKSlovak RepublicX Note 1No. 'As Adopted by EU'IFRSs required for allZASouth AfricaXYesIFRS permitted or IFRS for SMEsESSpainX Note 1No. 'As Adopted by EU'IFRSs permitted in consolidated statements, prohibited in separate company statementsLKSri LankaXYesIFRSs required for some, permitted for othersSRSurinameXYesIFRSs are permittedSZSwazilandXYesSESwedenX Note 1No. 'As Adopted by EU'IFRSs permitted in consolidated statements, prohibited in separate company statementsCHSwitzerlandX Multi-national main board companies must choose either IFRSs or US GAAP starting 2005YesTWTaiwanXIFRS required for some, permitted for othersTJTajikistanXYesIFRSs required for allTZTanzaniaXYesIFRSs required for 'international companies'.THThailandXIFRSs not permittedTGTogoXIFRSs not permittedTTTrinidad and TobagoXYesIFRS permitted or IFRS for SMEsTNTunisiaXIFRSs not permittedTRTurkeyX Note 5YesIFRS required for some, permitted for othersTMTurkmenistanXUGUgandaXYesUAUkraineX Note 27IFRSs permittedUKUnited KingdomX Note 1No. 'As Adopted by EU'IFRSs permitted in both consolidated and separate company statementsUSUnited StatesX Note 10IFRSs permittedUYUruguayX Note 4UZUzbekistanXIFRSs not permittedVUVanuatuNo stock exchange in VanuatuIFRSs permittedVEVenezuelaX Note 192016 IFRS requiredVNVietnamXVGVirgin Islands (British)XYesVIVirgin Islands (US)No stock exchange in Virgin Islands (US).IFRSs not permitted. Unlisted companies follow US GAAP.PSWest Bank/GazaXYesYEYemenNo stock exchange in YemenIFRSs permittedZMZambiaXIFRSs permittedZWZimbabweXYesTotals for listed companiesTotals for unlisted companies

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

Information, to the best of our knowledge, for 175 jurisdictions for domestic listed companies (totals without CN):

• IFRSs not permitted — 22 jurisdictions
• IFRSs permitted — 25 jurisdictions
• IFRSs required for some — 9 jurisdictions
• IFRSs required for all — 98 jurisdictions*
• No stock exchange — 21 jurisdictions

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

Of the 132 jurisdictions (25 + 9 + 98) that permit or require IFRSs for domestic listed companies:

• In 87 jurisdictions the audit report refers to conformity with IFRSs
• In 31 jurisdictions the audit report refers to conformity with IFRSs as adopted by the EU
• In 1 jurisdiction (HK) the audit report for companies incorporated in HK refers to local GAAP and for companies incorporated elsewhere it refers to IFRSs
• For 1 jurisdiction (NG) this has not yet been announced
• For 1 jurisdiction (JP) this depends on the status of designation
• For 11 jurisdictions this information is not available

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

Of the 175 jurisdictions in table for unlisted companies (totals without CN):

• IFRSs not permitted — 28 jurisdictions
• IFRSs permitted for all or some — 47 jurisdictions
• IFRSs required for some — 38 jurisdictions
• IFRSs required for all — 30 jurisdictions
• We do not have information — 32 jurisdictions

Domestic listed companiesDomestic unlisted companiesCodeJurisdictionIFRSs not
permittedIFRSs
permittedIFRSs
required
for someIFRSs
required
for allAudit report
states compliance
with IFRSUse of IFRSs by unlisted companiesADAndorraCMCameroonCFCentral African RepublicTDChadCGCongoCDDemocratic Republic of the CongoDJDjiboutiGQEquatorial GuineaETEthiopiaGAGabonGNGuineaGWGuinea-BissauKPKorea (North)MCMonacoRWRwandaSCSeychellesSOSomaliaSDSudanTOTongaTCTurks and Caicos IslandsEHWestern Sahara