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Sunday 21 September 2014

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Dominican Republic and Russia profiles updated

 04 August 2014


We have updated the profile on use of IFRS in the Dominican Republic to reflect Resolución 20-03-2014 ACTA 222014 Confirmacion Implementación de las NIFFs (Confirming Implementation of IFRS).  The current status of use of IFRS is:

  • Companies registered with the Superintendency of Securities must use full IFRS.  They may no longer use US GAAP.
  • Unlisted companies that are medium-sized or large as defined in Law 488-08 must start using the IFRS for SMEs in full starting in 2014.
  • Micro-sized SMEs are encouraged to use A Guide for Micro-sized Entities Applying the IFRS for SMEs (2009) issued by the IASB in June 2013.
  • Unlisted companies that have been using US GAAP in the past may continue to do so without time limit.

We have also updated our profile on use of IFRS in Russia to (a) insert a link to the Ministry of Finance website where the Russian translations of the endorsed IFRS can be found and (b) clarify that foreign listed companies that currently use US GAAP and companies that have only debt securities (not equity) trading in a public market are not required to adopt IFRS until 2015.

Currently, profiles are available for 130 jurisdictions. View the jurisdiction profiles.

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