Undecided for unlisted banks for 2010 only because, for them, comparative IFRS financial statements for 2009 are not required Optional for listed companies prior to 2010. IFRSs required for some, permitted for othersĪll listed companies and all financial institutions starting 2010. Unlisted companies may use IFRSs or other internationally accepted standards (particularly US GAAP or Canadian GAAP). IFRSs not permitted in separate company statements.īanks since 2008, all others from 2017 (with restatements of 2016 statements at that time) IFRSs required in consolidated statements of unlisted banks and credit institutions, permitted for other companies. IFRS for SMEs permitted for all companies that do not have public accountabilityĬompanies may choose full IFRSs or IFRS for SMEs Separate IFRS financial statements required for banks (listed and unlisted) and, starting 2008, for large state-owned enterprises. IFRSs permitted in consolidated statements, prohibited in separate statements.Īustralian IFRS equivalents required for some large unlisted, permitted for others. IFRSs required for financial institutions, subsidiaries of internationally listed parents, and large companies IFRSs required for all banks, permitted for other companies Note 23Īll companies other than micro-sized companies are required to use IFRS as issued by the IASB Note: click here or scroll down to end of table for column totals. Merged entries with only a footnote in the table below are temporary only and are not included in the totals at the end of the table. Note: We are currently reconsidering the format of our table to reflect differing degrees of convergence with IFRSs - you can access our revised approach in relation to use of IFRSs by domestic listed companies of the G20 countries. It does not necessarily mean that all unlisted companies in that jurisdiction are required to prepare IFRS financial statements. Direct use means that the basis of preparation note and the auditor's report will refer to conformity with IFRSs.įor unlisted companies, "IFRSs required for all" means that if an unlisted company is required or chooses to prepare general purpose financial statements, it must use full IFRSs. Therefore, this table only reports direct use of IFRSs in individual countries or regions. We are not in a position to compare national or regional GAAPs to IFRSs in detail. Often there is a time lag in adopting an IFRS as local GAAP. Often, not all IASs/IFRSs have been adopted locally. Sometimes, the jurisdiction's local GAAP is not in English. In some cases the wording changes seem minor, and in other cases the wording is quite different. Many jurisdictions that maintain their own local GAAP claim that their local GAAP is "based on" or "similar to" or "converged with" IFRSs. Following the table is a list of jurisdictions for which we are seeking information. If possible, please include links to, or citations of, documents from which the information can be verified. If you have additions or corrections to this table, please send us an email. This means that the basis of presentation note and auditor's report indicate that the financial statements are prepared on the basis of IFRSs.Īccess to this information is subject to our terms of use. The table below summarises our understanding of the use of International Financial Reporting Standards as the primary GAAP by domestic listed and unlisted companies in their consolidated financial statements for external financial reporting.
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