Yemen has signed a licence agreement with the IFRS Foundation to publish IFRS Standards as a first step towards incorporating them into its legal framework.
A licence agreement is required for a jurisdiction to publish or to incorporate the text of the Standards, which is the IFRS Foundation’s intellectual property, into its own legal system, and is an important part of that jurisdiction’s process to adopt IFRS Standards.
Yemen’s licence gives the Yemen Association of Certified Public Accountants (YACPA) the right to publish the official Arabic translation of both IFRS Standards and the IFRS for SMEs® Standard. Yemeni banks and some listed companies are required to use IFRS Standards while others are permitted to use them.
Further information about translations and licences can be found here.
The IFRS Foundation’s jurisdiction profile on Yemen can be accessed here.