IFRS Adoption By Country PDF
Preview IFRS Adoption By Country
www.pwc.com IFRS adoption by country Acknowledgements The IFRS adoption by country publication represents the efforts and ideas of many individuals within PwC global network. The 2016 publication’s project leaders include David Schmid, Ralph Martino, and Shahram Mehri. Preface The information within summarizes data collected from various sources during October 2016 (*) regarding the use of, or conversion plans to, International Financial Reporting Standards by domestic listed and unlisted companies by country/territory. The information is summarized for illustrative purposes only and is not a complete or exhaustive assessment of local rules and regulations. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. 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 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. North America Asia Africa America Oceana This publication consists of substantially all of the territories in which a member firm of the PwC network of firms operates in. Countries are classified geographically according to political criteria, using the geoscheme created by the United Nations Statistics Division. Additionally territories can be found on the IASB website: http://www.ifrs.org/Use- around-the-world. (*) All data is based on the survey conducted in October 2016, except the data for Egypt, Jordan, Kosovo, Laos, New Caledonia, Oman, Rwanda and Zambia (last updated in September 2015). The following tables summarizes the trend of IFRS adoption and the version of IFRS used for listed companies for the most recent three years: Trend of IFRS Adoption for Listed Companies 2014 2015 2016 Countries with stock exchanges 135 135 131 Version of IFRS required or permitted 118 119 117 Percentage of countries - IFRS required or permitted 87% 88 % 89 % Version of IFRS for Listed Companies 2014 2015 2016 IFRS as issued by IASB 62 64 63 IFRS as issued by EU 34 34 34 IFRS as issued by IASB or EU 3 3 3 IFRS as locally adopted 19 18 17 The information in the tables above have been summarized using the data included in this publication. Table of contents North America ..................................................................................................................... 1 Antigua and Barbuda .................................................................................................. 1 Aruba ............................................................................................................................ 3 Bahamas ...................................................................................................................... 4 Barbados ...................................................................................................................... 6 Bermuda ....................................................................................................................... 8 British Virgin Islands .................................................................................................. 9 Canada ........................................................................................................................ 10 Cayman Islands .......................................................................................................... 12 Costa Rica ................................................................................................................... 13 Dominican Republic ................................................................................................... 15 Dutch Caribbean ......................................................................................................... 17 El Salvador.................................................................................................................. 18 Guatemala .................................................................................................................. 20 Honduras .................................................................................................................... 21 Jamaica ...................................................................................................................... 23 Mexico ........................................................................................................................ 25 Nicaragua ...................................................................................................................27 Panama ...................................................................................................................... 28 St. Kitts and Nevis ..................................................................................................... 30 St. Lucia ...................................................................................................................... 32 Trinidad and Tobago ................................................................................................ 33 United States .............................................................................................................. 34 South America ................................................................................................................... 38 Argentina ................................................................................................................... 38 Bolivia ........................................................................................................................ 40 Brazil .......................................................................................................................... 42 Chile ............................................................................................................................ 44 Colombia .................................................................................................................... 46 Ecuador ...................................................................................................................... 48 Paraguay ................................................................................................................... 50 Peru ............................................................................................................................. 51 Uruguay ..................................................................................................................... 54 Venezuela ................................................................................................................... 56 Europe ............................................................................................................................... 59 Albania ....................................................................................................................... 59 Austria ......................................................................................................................... 61 Belarus ....................................................................................................................... 63 Belgium ...................................................................................................................... 65 Bosnia and Herzegovina ........................................................................................... 67 Bulgaria ..................................................................................................................... 69 Channel Islands .......................................................................................................... 71 Croatia......................................................................................................................... 73 Cyprus ......................................................................................................................... 75 Czech Republic ............................................................................................................ 77 Denmark .................................................................................................................... 79 Estonia......................................................................................................................... 81 Finland ....................................................................................................................... 83 France ......................................................................................................................... 85 Georgia ....................................................................................................................... 87 Germany .................................................................................................................... 89 Greece .......................................................................................................................... 91 Greenland ................................................................................................................... 93 Hungary ..................................................................................................................... 95 Iceland ........................................................................................................................ 97 Ireland ........................................................................................................................ 99 Isle of Man................................................................................................................. 101 Italy .......................................................................................................................... 102 Kosovo ...................................................................................................................... 104 Latvia ....................................................................................................................... 106 Lithuania .................................................................................................................. 108 Luxembourg .............................................................................................................. 110 Macedonia ................................................................................................................. 112 Malta ......................................................................................................................... 114 Moldova .................................................................................................................... 116 Montenegro ............................................................................................................... 118 Netherlands .............................................................................................................. 120 Norway ..................................................................................................................... 122 Poland........................................................................................................................ 124 Portugal..................................................................................................................... 126 Romania ....................................................................................................................128 Russian Federation ................................................................................................. 130 Serbia ........................................................................................................................ 133 Slovak Republic ........................................................................................................ 135 Slovenia ..................................................................................................................... 137 Spain .......................................................................................................................... 139 Sweden ...................................................................................................................... 141 Switzerland ............................................................................................................... 143 Ukraine ...................................................................................................................... 145 United Kingdom ....................................................................................................... 147 Asia ................................................................................................................................... 150 Afghanistan ............................................................................................................... 150 Armenia ..................................................................................................................... 151 Azerbaijan ................................................................................................................. 153 Bahrain ..................................................................................................................... 155 Cambodia .................................................................................................................. 156 China ......................................................................................................................... 158 Hong Kong ............................................................................................................... 160 India .......................................................................................................................... 162 Indonesia ................................................................................................................... 165 Israel .......................................................................................................................... 167 Japan ......................................................................................................................... 169 Jordan ....................................................................................................................... 172 Kazakhstan ............................................................................................................... 173 Korea (Republic of Korea) ....................................................................................... 175 Kuwait ....................................................................................................................... 177 Kyrgyz Republic ....................................................................................................... 179 Laos ........................................................................................................................... 181 Lebanon ..................................................................................................................... 183 Macao special administrative region ..................................................................... 185 Malaysia.................................................................................................................... 187 Mongolia .................................................................................................................. 189 Oman ......................................................................................................................... 191 Pakistan ..................................................................................................................... 192 Philippines ................................................................................................................. 195 Qatar ......................................................................................................................... 197 Saudi Arabia ............................................................................................................. 199 Singapore ................................................................................................................. 201 Sri Lanka .................................................................................................................. 203 Taiwan ..................................................................................................................... 205 Thailand ................................................................................................................... 207 Turkey ...................................................................................................................... 209 United Arab Emirates .............................................................................................. 211 Uzbekistan ................................................................................................................. 213 Vietnam ..................................................................................................................... 215 West Bank/Gaza ....................................................................................................... 217 Africa ................................................................................................................................ 218 Algeria .......................................................................................................................218 Angola ...................................................................................................................... 220 Botswana ................................................................................................................. 222 Cameroon ................................................................................................................. 224 Chad .......................................................................................................................... 226 Cote D'Ivoire ............................................................................................................ 227 Democratic Republic of Congo ............................................................................... 228 Egypt ........................................................................................................................ 229 Equatorial Guinea .................................................................................................... 231 Gabon ....................................................................................................................... 232 Ghana ....................................................................................................................... 233 Guinea Conakry ....................................................................................................... 235 Kenya ........................................................................................................................ 236 Libya ......................................................................................................................... 238 Madagascar ............................................................................................................. 239 Malawi ..................................................................................................................... 240 Mauritius.................................................................................................................. 242 Morocco .................................................................................................................... 244 Mozambique............................................................................................................. 246 Namibia .................................................................................................................... 248 Nigeria ..................................................................................................................... 249 Republic of Congo ..................................................................................................... 251 Rwanda .................................................................................................................... 252 Senegal ..................................................................................................................... 254 South Africa ............................................................................................................. 255 Swaziland ..................................................................................................................257 Tanzania .................................................................................................................. 259 Tunisia ...................................................................................................................... 260 Uganda ..................................................................................................................... 262 Zambia ..................................................................................................................... 263 Zimbabwe................................................................................................................. 265 Oceana ............................................................................................................................. 267 Australia ................................................................................................................... 267 New Caledonia ......................................................................................................... 270 New Zealand ............................................................................................................ 272 Papua New Guinea .................................................................................................. 274 North America Antigua and Barbuda Local stock exchange Eastern Caribbean securities exchange http://www.ecseonline.com/ Rules for listed filings IFRS required or permitted for listed companies? Required for consolidated and standalone/separate financial statements Version of IFRS IFRS as published by the IASB Are subsidiaries of foreign companies or foreign companies listed on local exchanges subject to different rules? Foreign companies whose securities are publicly traded are required to use IFRS unless the Eastern Caribbean Securities Regulatory Commission (“ECSRC”) grants specific exemption from the requirement that is in the Securities (Continuing Disclosure Obligations of Issuers) Regulations 2001. Rules for statutory filings Is IFRS or IFRS for SMEs required, permitted or prohibited for statutory filings? Full IFRS are required for all companies whose securities trade in a public market and for all banks, insurance companies, and other financial institutions, whether or not their securities trade in a public market. All other companies are permitted to use either full IFRS or the IFRS for SMEs in both their consolidated and separate company financial statements. Version of IFRS IFRS or IFRS for SMEs as published by the IASB In addition to local GAAP statutory financial statements, are there any other regulatory financial statement requirements that permit or require the use of IFRS? No IFRS conversion plans Plans for converging Not applicable. IFRS has been adopted by the Institute of Chartered Accountants of the Eastern Caribbean as local GAAP. PwC | IFRS adoption by country 1 Other useful websites The Institute of Chartered Accountants of the Eastern Caribbean http://www.icaecab.org/ 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. Plans for IFRS converging as the basis of tax reporting Not applicable PwC | IFRS adoption by country 2
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