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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