Financial Reporting Standards
From Open Risk Manual
List of Worldwide Financial Reporting Standards
This page contains a list of the worldwide adoption of Financial Reporting standards for financial institutions and similar entities[1]
- The list does not cover the reporting standards used by regular corporates or SME's (where those differ from FI's)
- The notes indicate whether there are any special considerations (e.g. modifications of a given standard etc.)
| Country | Reporting Standard | Notes | |
|---|---|---|---|
| Afghanistan | IFRS | All except micro-sized | |
| Albania | IFRS | Some deviations from EU usage | |
| Algeria | |||
| Andorra | |||
| Anguilla | IFRS | ||
| Antigua & Barbuda | IFRS | ||
| Argentina | BCRA | Convergence with IFRS planned for 2018 | |
| Armenia | IFRS | Banking | |
| Australia | IFRS | No substantive modifications | |
| Austria | IFRS | As adopted by the EU | |
| Azerbaijan | IFRS | ||
| Bahamas | IFRS | ||
| Bahrain | IFRS | ||
| Bangladesh | IFRS | As adopted by the ICAB | |
| Barbados | IFRS | ||
| Belarus | IFRS | ||
| Belgium | IFRS | As adopted by the EU | |
| Belize | IFRS | ||
| Bermuda | IFRS, Canadian GAAP, US GAAP | ||
| Bhutan | National GAAP | IFRS adoption in 2021 | |
| Bolivia | Bolivian Accounting Standards | ||
| Bosnia and Herzegovina | IFRS | ||
| Botswana | IFRS | ||
| Brazil | IFRS | ||
| British Virgin Islands | |||
| Brunei Darussalam | IFRS | ||
| Bulgaria | IFRS | As adopted by the EU | |
| Cambodia | IFRS | Adopted word-for-word as CIFRS | |
| Canada | Canadian GAAP | IFRS compliant, options for US GAAP | |
| Cayman Islands | Range of options | ||
| Chile | SBIF | IFRS with significant modifications | |
| China, People's Republic of | ASBE | ||
| Colombia | IFRS | IFRS for "Group 1" companies, NIFM for micro-sized entities | |
| Costa Rica | IFRS | ||
| Côte d'Ivoire | |||
| Croatia | IFRS | As adopted by the EU | |
| Cyprus | IFRS | As adopted by the EU | |
| Czech Republic | IFRS | As adopted by the EU | |
| Denmark | IFRS | As adopted by the EU | |
| Dominica | IFRS | Implicit | |
| Dominican Republic | IFRS | ||
| Ecuador | IFRS | ||
| Egypt | EAS | ||
| El Salvador | National Regulatory GAAP | ||
| Estonia | IFRS | As adopted by the EU | |
| Fiji | IFRS | ||
| Faroe Islands | |||
| Finland | IFRS | As adopted by the EU | |
| France | IFRS | As adopted by the EU | |
| The Gambia | IFRS | ||
| Georgia | IFRS | ||
| Germany | IFRS | As adopted by the EU | |
| Ghana | IFRS | ||
| Greece | IFRS | As adopted by the EU | |
| Grenada | Range of options | ||
| Guatemala | National Regulatory Manuals | ||
| Guinea-Bissau | UEMOA Banking Legislation | ||
| Guyana | IFRS | ||
| Honduras | CNBS Standards | ||
| Hong Kong | HKFRS | Similar to IFRS | |
| Hungary | IFRS | As adopted by the EU | |
| Iceland | IFRS | As adopted by the EU | |
| India | Ind AS | Urban Cooperative Banks and Regional Rural Banks use own standards | |
| Indonesia | SAK | ||
| Iran | AOI | Requires IFRS for Banks | |
| Iraq | IFRS | ||
| Ireland | IFRS | As adopted by the EU | |
| Isle of Man | |||
| Israel | US GAAP | ||
| Italy | IFRS | As adopted by the EU | |
| Jamaica | IFRS | ||
| Japan | Japanese Accounting Standards, IFRS or US GAAP | ||
| Jersey | |||
| Jordan | IFRS | ||
| Kazakhstan | IFRS | ||
| Kenya | IFRS | ||
| South Korea | IFRS | ||
| Kuwait | IFRS | ||
| Latvia | IFRS | As adopted by the EU | |
| Lebanon | |||
| Liechtenstein | IFRS | As adopted by the EU | |
| Lithuania | IFRS | As adopted by the EU | |
| Luxembourg | IFRS | As adopted by the EU | |
| Malaysia | MFRS | Virtually identical to IFRS | |
| Malta | IFRS | As adopted by the EU | |
| Mauritius | IFRS | With some size based excemptions | |
| Mexico | MFRS and Regulatory Reporting Standards | ||
| Moldova | IFRS | ||
| Mongolia | IFRS | For financial institutions only | |
| Montenegro | IFRS | ||
| Montserrat | Range of options | ||
| Myanmar | MFRS | 2010 version of IFRS | |
| Morocco | |||
| Namibia | |||
| Nepal | |||
| Netherlands | IFRS | As adopted by the EU | |
| New Zealand | NZ-IFRS | ||
| Nicaragua | SIBOIF Accounting Standards | ||
| Niger | UEMOA Banking Legislation | ||
| Nigeria | IFRS | ||
| Norway | IFRS | As adopted by the EU | |
| Oman | IFRS | ||
| Pakistan | IFRS | ||
| Panama | IFRS or US GAAP | ||
| Paraguay | National GAAP | ||
| Peru | CNC Standards | ||
| Philippines | PFRS | ||
| Poland | IFRS | As adopted by the EU | |
| Portugal | IFRS | As adopted by the EU | |
| Qatar | IFRS | Also AAOIFI Standards | |
| Republic of Macedonia | |||
| Romania | IFRS | As adopted by the EU | |
| Russia | IFRS | ||
| Rwanda | IFRS | ||
| Saint Lucia | IFRS | ||
| Saudi Arabia | IFRS | As endorsed by SOCPA | |
| Serbia | IFRS | ||
| Singapore | SFRS | Similar to IFRS | |
| Slovakia | IFRS | As adopted by the EU | |
| Slovenia | IFRS | As adopted by the EU | |
| South Africa | IFRS | Depending on the public interest score also IFRS for SME | |
| Spain | IFRS | As adopted by the EU | |
| Sri Lanka | SLFRS | Deviations from IFRS | |
| Suriname | A form of Dutch GAAP | ||
| Swaziland | IFRS | Not strictly enforced | |
| Sweden | IFRS | As adopted by the EU | |
| Switzerland | IFRS, Swiss GAAP, US GAAP, Bank Law | ||
| Tanzania | IFRS | ||
| Taiwan | IFRS | Except Credit Cooperatives, Credit Card Companies and Insurance Intermediaries | |
| Thailand | TFRS | ||
| Tunisia | |||
| Turkey | IFRS | ||
| Uganda | IFRS | ||
| Ukraine | IFRS | ||
| United Arab Emirates | IFRS | Some financial institutions use AAOIFI standards | |
| United Kingdom | IFRS | Currently as adopted by the EU | |
| United States | US GAAP | As issued by FASB | |
| Uruguay | IFRS | ||
| Uzbekistan | IFRS | With some central bank required modifications | |
| Venezuela | IFRS | 2008 Version with modification | |
| Vietnam | VAS | ||
| Zambia | IFRS |
References
- ↑ 2017 Pocket Guide to IFRS Standards
