Who uses IFRS Standards?

To assess our progress towards the global adoption of IFRS standards, we monitor the application of those standards in each jurisdiction. Updates are made on an ongoing basis. Currently we have complete profiles for 150 jurisdictions.

Use the filters to create a global perspective of our goal. Click on the map or on the jurisdiction name to view that profile.

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Disclaimer

The information in these profiles is for general guidance only and may change from time to time. You should not act on the information in the profiles, and you should obtain specific professional advice to before making any decisions or taking any action. If you believe any information is incorrect please contact us.

The purpose of the IFRS Foundation's jurisdiction profiles is to illustrate the extent of implementation of IFRS Standards across the globe only. The profiles do not reflect the intellectual property licensing status of IFRS Standards within any given jurisdiction. The IFRS Standards are protected by copyright and are subject to different licensing arrangements according to jurisdiction. For further information, please contact the licensing team.

Analysing the use of IFRS Standards

The links on the left-hand side of this page present an analysis of the use of IFRS Standards around the world. That analysis is based on the 150 jurisdiction profiles completed thus far by the IFRS Foundation.

  • Analysis of the 150 profiles: Overall information that covers the commitment to global accounting standards, commitment to IFRS Standards, extent of the adoption of IFRS Standards (which companies? which financial statements?), wording in the auditor's report, and modifications of the standards.

  • Analysis of profiles for G20 member jurisdictions: The Group of Twenty (informally, the G20) is the premier forum for international cooperation on the most important issues on the global economic and financial agenda.

  • Analysis of the profiles by GDP: The jurisdictions we have profiled represent 98.6% of the world’s GDP, and so provide an accurate picture of global IFRS adoption.
  • Analysis of the profiles by number of listed companies: Of the approximately 49,000 domestic listed companies on the 88 major securities exchanges in the world, over 27,000 use IFRS Standards, and only four countries account for almost every company yet to adopt IFRS Standards.

  • Analysis of the use of the IFRS for SMEs Standard: Information on which companies are required to adopt IFRS, and whether SMEs can also choose full IFRS Standards or local standards.

Analysis of the IFRS jurisdiction profiles 

Updated 30 March 2017 

To assess progress toward the goal of global accounting standards, the IFRS Foundation is developing profiles of application of IFRS Standards in individual jurisdictions.

Currently, profiles are completed for 150 jurisdictions, including all of the G20 jurisdictions.

The 150 jurisdictions represent all parts of the globe, as follows:

Number of Jurisdictions Per cent of total
Europe 44 29%
Africa 23 15%
Middle East 13 9%
Asia and Oceania 33 22%
Americas 37 25%
Totals 150 100%

The following overall observations can be made about the information in the profiles describing how IFRS Standards are applied by domestic companies in each of the 150 jurisdictions:

Commitment to a single set of global accounting standards:

Nearly all of the jurisdictions (140 of the 150) have made a public commitment supporting a single set of high quality global accounting standards. Only Albania, Belize, Bermuda, Cayman Islands, Egypt, Macao, Paraguay, Suriname, Switzerland and Vietnam have not.

Commitment to IFRS Standards:

The relevant authority in all but eight of the 150 jurisdictions (Belize, Bermuda, Cayman Islands, Egypt, Macao, Suriname, Switzerland and Vietnam) has made a public commitment to IFRS Standards as the single set of global accounting standards. Even in the absence of a public statement, IFRS Standards are commonly used by publicly accountable entities (listed companies and financial institutions) in Belize, Bermuda, Cayman Islands, and Switzerland.

Adoption of IFRS Standards:

126 jurisdictions (84 per cent of the profiles) require IFRS Standards for all or most domestic publicly accountable entities (listed companies and financial institutions) in their capital markets. All but one of those have already begun using IFRS Standards. Bhutan will begin using IFRS Standards in 2021. Some comments on the remaining 24 jurisdictions that have not adopted:

  • 12 jurisdictions permit, rather than require, IFRS Standards: Bermuda, Cayman Islands, Guatemala, Honduras, Japan, Madagascar, Nicaragua, Panama, Paraguay, Suriname, Switzerland, Timor-Leste;
  • One jurisdiction requires IFRS Standards for financial institutions but not listed companies: Uzbekistan;
  • One jurisdiction is in process of adopting IFRS Standards in full: Thailand;
  • One jurisdiction is in process of converging its national standards substantially (but not entirely) with IFRS Standards: Indonesia; and
  • Nine jurisdictions use national or regional standards: Bolivia, China, Egypt, Guinea-Bissau, India, Macao, Niger, United States, Vietnam.

The following table analyses the use of IFRS Standards in the 150 profiled jurisdictions by region of the world:

  Number of Jurisdictions
Region Jurisdictions in the region Jurisdictions that require IFRS Standards 
for all or most domestic publicly accountable entities
Jurisdictions that require IFRS Standards as % of total jurisdictions in the region Jurisdictions that permit or require IFRS Standards for at least some (but not all or most) domestic publicly accountable entities Jurisdictions that neither require nor permit IFRS Standards for any domestic publicly accountable entities
Europe 44 43 98% 1 0
Africa 23 19 83% 1 3
Middle East 13 13 100% 0 0
Asia-Oceania 33 24 73% 3 6
Americas 37 27 73% 8 2
Totals 150 126 84% 13 11
As %
of 150

100%

84%
 
9%

7%

The 150 profiles include all 31 member states of the European Union (EU) and the European Economic Area (EEA), where IFRS Standards are required for all companies whose securities trade in a regulated market.

The 126 jurisdictions classified as requiring IFRS Standards for all or most domestic publicly accountable entities include the EU and EEA Member States to which the IAS 39 Financial Instruments 'carve-out' applies. The carve-out affects fewer than two dozen banks out of the 8,000 IFRS companies whose securities trade on a regulated market in Europe.

The 126 also include several jurisdictions that have adopted IFRS Standards nearly word for word as their national accounting standards (including Australia, Hong Kong, New Zealand and Korea (South)).

The 126 also include three jurisdictions that have adopted recent, but not the latest, bound volumes of IFRS Standards: Macedonia (2009); Myanmar (2010); and Venezuela (2008). Those jurisdictions are working to update their adoption to the current version.

Scope of use of IFRS Standards:

The 126 jurisdictions that require IFRS Standards for all or most domestic publicly accountable entities include nine that have no stock exchange but that require IFRS Standards for all financial institutions (Afghanistan, Angola, Belize, Brunei, Gambia, Kosovo, Lesotho, LIberia, Yemen).

Of the 117 jurisdictions that do have stock exchanges, six do not require IFRS Standards for listed financial institutions (Argentina, El Salvador, Israel, Mexico, Peru, Uruguay) though they do require IFRS for other listed companies. All of the others require IFRS for all listed companies.

Around 60 per cent of the 126 jurisdictions that require IFRS Standards for all or most domestic publicly traded companies also require IFRS Standards for some domestic companies whose securities are not publicly traded, generally financial institutions and large unlisted companies. More than 90 per cent of the 126 jurisdictions that require IFRS Standards for all or most domestic publicly traded companies also require or permit IFRS Standards for all or most non-publicly traded companies.

Few modifications:

The 150 jurisdictions made very few modifications to IFRS Standards, and the few that were made are generally regarded as temporary steps in the jurisdiction's plans to adopt IFRS Standards. For example, the EU itself describes its IAS 39 'carve-out' as 'temporary', and the 'carve-out' has been applied by fewer than two dozen banks out of the 8,000 IFRS companies whose securities trade on a regulated market in Europe.

Several modifications relate to IASB agenda projects that are now completed, including loan loss provisioning, use of the equity method to account for subsidiaries in separate company financial statements, and bearer agricultural assets. Jurisdictions have begun eliminating those modifications.

Several other modifications relate to projects currently on the IASB's agenda, including accounting for rate-regulated activities. A few jurisdictions deferred the effective dates of some Standards, particularly IFRS Standards 10, 11 and 12 and IFRIC 15, though most of those deferrals have now ended. Several jurisdictions eliminated accounting policy options in IFRS Standards.

Auditor’s report:

In 94 jurisdictions, the auditor's report (and/or basis of presentation note) refers to conformity with IFRS Standards. In another 33 jurisdictions the auditor's report refers to conformity with IFRS as adopted by the EU (including the 31 EU/EEA member states plus EU itself plus Albania, a potential accession country). In the 23 remaining jurisdictions the auditor's report refers to conformity with national standards.

IFRS for SMEs Standard:

85 of the 150 jurisdictions require or permit the IFRS for SMEs Standard, and it is currently under consideration in an additional 11 jurisdictions.

IFRS Standards provide the financial information for capital markets covering over half of the world's GDP:

Analysis of IFRS jurisdictions by GDP shows that the GDP of profiled jurisdictions that require or permit the use of IFRS Standards for domestic publicly accountable entities (listed companies and financial institutions) constitutes 62% of the GDP of all profiled jurisdictions. IFRS Standards are also used in most of the remaining economies, for example, by nearly 500 foreign companies whose securities trade in the United States.

While the European Union is the single biggest part of the IFRS usage base, the non-EU/EEA jurisdictions that use IFRS Standards also are a large component of the IFRS users. All EU/EEA jurisdictions require IFRS Standards for all or most domestic listed companies. The 2014 GDP of those 31 jurisdictions totals $19.0 trillion US dollars. The combined 2014 GDP of the non-EU/EEA jurisdictions that either require or permit IFRS Standards for all or most domestic listed companies is $26.9 trillion.

Analysis of the G20 IFRS profiles

Updated 30 March 2017

The following observations relate to the information in the profiles of the members of the Group of Twenty (informally, the G20), which is the premier forum for international cooperation on the most important issues of the global economic and financial agenda.

The G20 brings together finance ministers and central bank governors from the following 19 countries plus the European Union: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, and the United States of America.

Commitment to a single set of global accounting standards

All of the G20 jurisdictions have made a public commitment supporting a single set of high quality global accounting standards.

Commitment to IFRS Standards

The relevant authority in all of the G20 jurisdictions has made a public commitment to IFRS Standards as the single set of global accounting standards.

Adoption of IFRS Standards

Fifteen of the G20 jurisdictions have adopted IFRS Standard for all or most companies in their public capital markets. Of the remaining five G20 jurisdictions:

  • one (Japan) permits IFRS Standards on a voluntary basis for domestic companies (as of June 2016 companies accounting for 29% of the Tokyo Stock Exchange market capitalisation have adopted or plan to adopt IFRS Standards);
  • three (China, India and Indonesia) have adopted national standards that are substantially in line with IFRS Standards but have not announced a plan or timetable for full adoption; and
  • one (the United States) does not permit domestic securities issuers to use IFRS Standards but it does permit foreign securities issuers to use IFRS Standards as issued by the IASB, and approximately 500 companies do so.

Scope of use of IFRS Standards

Of the fifteen G20 jurisdictions that have adopted IFRS Standards for all or most publicly traded companies, twelve require IFRS Standards for all; two (Mexico and Argentina) require IFRS Standards for all other than financial institutions; and one (Canada) allows US GAAP for some and has deferred IFRS Standards for some others.

All of the fifteen G20 jurisdictions that have adopted IFRS Standards for all or most publicly traded companies also permit IFRS Standards for all or most non-publicly traded companies.

Few modifications

The G20 jurisdictions made very few modifications to IFRS Standards, and the few that were made are generally regarded as temporary steps in the jurisdiction's plans to adopt IFRS Standards. There are five EU jurisdictions in the G20. While the EU did make an optional 'carve-out' from IAS 39 that the EU itself describes as 'temporary', the 'carve-out' has been applied by fewer than two dozen banks out of the 8,000 IFRS companies whose securities trade on a regulated market in Europe. Saudi Arabia added several disclosures and eliminated several accounting policy options but did not otherwise change IFRS Standards.

Auditor's report

The audit reports in ten of the fifteen G20 jurisdictions that have adopted IFRS Standards for all or most publicly traded companies refer to conformity with IFRS Standards. The audit reports in the other five G20 jurisdictions using IFRS Standards refer to conformity with IFRS as adopted by the European Union. The audit report in Saudia Arabia refers to conformity with IFRS as endorsed in Saudi Arabia.

IFRS for SMEs Standard

Five G20 jurisdictions have adopted the IFRS for SMEs Standard.

GDP of profiled information 

Updated 30 March 2017

The 150 profiled jurisdictions represent 98.6% of the world’s GDP (2015 data).

The GDP of profiled jurisdictions that require or permit the use of IFRS Standards for domestic publicly accountable entities (listed companies and financial institutions) constitutes 55% of the GDP of all profiled jurisdictions.

The GDP of profiled jurisdictions that do not permit the use of IFRS Standards for any domestic publicly accountable entities constitutes 45% of the GDP of all profiled jurisdictions. Three jurisdictions (China, India and the United States) account for nearly all (94%) of the GDP of profiled jurisdictions that do not permit the use of IFRS Standards for any domestic publicly accountable entities.

Detail is in the table below:

  US$
(billions)
Per cent
(of total world GDP)
Per cent
(of profiled jurisdictions GDP)
Total world GDP 73,026 100  -
GDP of 150 profiled
jurisdictions
72,000 98.6 100
GDP of jurisdictions
that require
IFRS Standards for
all or most
domestic Publicly
Accountable Entities
(PAEs)
34,192  - 47.5
GDP of jurisdictions
that require
IFRS Standards for some
(but not all or most)
domestic PAEs
67  - 0.1
GDP of jurisdictions
that permit IFRS Standards
for at least some
domestic PAEs
4,991  - 6.9
GDP of jurisdictions
that do not permit
IFRS Standards
for any domestic PAE
32,750  - 45.5

Data sources:

How many listed companies use IFRS Standards globally?

Updated 30 March 2017

This page provides a reasonable—though not 100 per cent precise—answer to that question by combining (a) information on the use of IFRS Standards that is in the jurisdiction profiles on the IFRS Foundation's website and (b) information about the numbers of listed companies published on the websites of the two major global associations of securities exchanges. The two organisations are:

The following data is as of February 2017 (for a few exchanges the data is for January 2017):

  Number of member
and affiliate exchanges
Number of domestic
listed companies
Number of foreign
listed companies
World Federation of Exchange (WFE) 80 48,629 2,942
Federation of European and
Asian Stock Exchanges (FEAS)
- includes only those exchanges
and companies not also members
of or listed on WFE exchanges
8  533 0
Totals 88 49,162 2,942

The tables below categorise those 49,162 domestic listed companies and 2,942 foreign listed companies as to whether they use IFRS Standards. Developing the tables required some assumptions, which are set out after the tables. We believe that the margin for error due to those assumptions is small and does not materially affect the IFRS adoption picture presented on this page.

Reasonable overall observations based on the data in the tables below are that:

  • More than 27,000 of the approximately 49,000 domestic listed companies on the 88 major securities exchanges in the world use IFRS Standards. And of those domestic listed companies that do not use IFRS Standards, nearly 90 per cent are listed in China, India, Japan, and the United States.
  • Of the nearly 3,000 foreign listed companies on the 88 major securities exchanges, we are aware of nearly 900 of those companies using IFRS Standards. We are working to develop better data on the other cross-border listings.

Table 1: Domestic listed companies

Table 1 shows the financial reporting frameworks used by domestic listed companies on the WFE and FEAS exchanges.

    DOMESTIC LISTED COMPANIES FEBRUARY 2017
  Number of member exchanges Number of domestic listed companies IFRS Standards required for all or most companies IFRS Standards permitted or required for at least some
(but not all or most) companies
IFRS Standards neither required nor permitted for any companies—use local standards Accounting framework unknown—no profile
World Federation of Exchange (WFE) 80 48,629 26,859 4,278 * 17,271 221
Federation of European and
Asian Stock Exchanges (FEAS)
- includes only those exchanges and companies not also members of or listed on WFE exchanges
8 533 507 0 0 26
Totals 88 49,162 27,366 4,278 17,271 ** 247

* Of these, we are aware that 141 Japanese companies and 116 Swiss companies use IFRS Standards.
** Of the 17,271 companies, 15,121 (88 per cent) are listed in China, India, and the United States.

Table 2: Foreign listed companies

Table 2 shows the financial reporting frameworks used by foreign listed companies (ie cross-border listings) on the 88 WFE and FEAS exchanges.

    FOREIGN LISTED COMPANIES FEBRUARY 2017
  Number of member exchanges Number of
foreign listed companies
IFRS Standards
required for all or most companies
IFRS Standards permitted
or required for at least some
(but not all or most) companies
IFRS Standards
neither required
nor permitted for any companies—use local standards
Accounting
framework unknown—no profile
World Federation of Exchange (WFE) 80 2,942 112 2,816 * 3 11
Federation of European and
Asian Stock Exchanges (FEAS)
- includes only those exchanges and companies not also members
of or listed on WFE exchanges
8 0 0 0 0
Totals 88 2,942 112 2,816 3 11

* We are aware that approximately 500 of these companies are users of IFRS Standards whose securities trade in the United States, and another 250 companies are mainland China companies that use IFRS Standards for listings in Hong Kong. Adding these 750 companies to the 112 foreign listed companies known to be using IFRS Standards brings the total foreign listed companies known to be using IFRS Standards to nearly 900.

Assumptions and other comments

The jurisdiction profiles group the jurisdictions as to their use of IFRS Standards into three categories, as follows:

  • IFRS Standards required for all or most domestic listed companies.
  • IFRS Standards permitted or required for at least some (but not all or most) domestic listed companies.
  • IFRS Standards neither required nor permitted for any domestic listed companies – companies must use local standards.

Our profiles have similar categories for foreign listed companies.

Both the WFE and FEAS report separately, for each securities exchange, (a) the number of domestic listed companies and (b) the number of foreign listed companies. Some jurisdictions have different accounting requirements for domestic and foreign listed companies.

Four of the WFE jurisdictions (Argentina, Israel, Mexico, and Peru) require IFRS Standards for all listed companies other than financial institutions. The number of financial institutions is small relative to the number of non-financial listed companies, but we do not currently have the data to remove the financial institutions from the total IFRS count.

Most jurisdictions that require IFRS Standards for domestic companies permit (rather than require) foreign listed companies to use IFRS Standards, allowing their home accounting standards or some other financial reporting framework as an alternative.

For those jurisdictions, we have accurate data for the number of domestic listed companies using IFRS Standards but not for the number of foreign listed companies using IFRS Standards because we do not know which financial reporting framework the foreign listed companies have chosen. However, the number of foreign listed companies tends to be relatively small in most jurisdictions.

Many jurisdictions have small securities exchanges that are not members of the WFE or FEAS. The data in the tables above reflect only the number of companies listed on WFE and FEAS member and affiliate exchanges. Companies listed on many of the small exchanges also use IFRS Standards, but they are not included in the tables above.

We have not yet developed IFRS profiles for several of the jurisdictions whose exchanges are members of WFE, so they are not included in our tabulations. Those jurisdictions are:

  • World Federation of Exchanges. We do not have a profile for Cote d’Ivoire, Lebanon, Morocco, Papua New Guinea, Seychelles, or Tunisia. A total of 221 domestic and 11 foreign companies are listed in those jurisdictions.
  • Federation of European and Asian Stock Exchanges. We do not have a profile for Kyrgyzstan, where 26 domestic companies are listed.

Analysis of the IFRS profiles for the IFRS for SMEs Standard

Updated 30 March 2017 

The following observations relate to the information in the 150 profiles currently posted concerning adoption of the IFRS for SMEs Standard.

Is the IFRS for SMEs Standard required or permitted?

Number of jurisdictions
IFRS for SMEs Standard is required or permitted 85
IFRS for SMEs Standard is currently under consideration 11
IFRS for SMEs Standard is not used or under consideration 54
Total 150

Which jurisdictions require or permit the IFRS for SMEs Standard?

The 85 jurisdictions that require or permit the IFRS for SMEs Standard are:

Anguilla, Antigua and Barbuda, Argentina, Armenia, Azerbaijan, Bahamas, Bahrain, Bangladesh, Barbados, Belize, Bermuda, Bhutan, Bosnia and Herzegovina, Botswana, Brazil, Cambodia, Cayman Islands, Chile, Colombia, Costa Rica, Dominica, Dominican Republic, Ecuador, El Salvador, Fiji, Gambia, Georgia, Ghana, Grenada, Guatemala, Guyana, Honduras, Hong Kong, Kazakhstan, Iraq, Ireland, Israel, Jamaica, Jordan, Kenya, Kosovo, Lesotho, Liberia, Macedonia, Madagascar, Malawi, Malaysia, Maldives, Mauritius, Montserrat, Myanmar, Namibia, Nicaragua, Nigeria, Pakistan, Palestine, Panama, Paraguay, Peru, Philippines, Qatar, Rwanda, Saint Lucia, Saudi Arabia, Serbia, Sierra Leone, Singapore, South Africa, Sri Lanka, St Kitts and Nevis, St Vincent and the Grenadines, Suriname, Swaziland, Switzerland, Tanzania, Trinidad & Tobago, Uganda, Ukraine, United Arab Emirates, United Kingdom, Uruguay, Venezuela, Yemen, Zambia, and Zimbabwe.

What accounting framework choices do SMEs have?

For the 85 jurisdictions that require or permit the IFRS for SMEs Standard, SMEs may choose the accounting framework to adopt as follows:

Number of jurisdictions
SMEs not required to use full IFRS Standards are required to use the IFRS for SMEs Standard 4
SMEs may choose the IFRS for SMEs Standard or full
IFRS Standards
56
SMEs may choose the IFRS for SMEs Standard, full IFRS Standards or other GAAP for SMEs 23
SMEs may choose the IFRS for SMEs Standard or local GAAP for SMEs 2
Total IFRS for SMEs Standard required or permitted 85

What modifications have jurisdictions made to the IFRS for SMEs Standard?

The following table describes the nature and extent of modifications made by jurisdictions that require or permit the IFRS for SMEs Standard:

Number of jurisdictions Which jurisdictions?
Made no modifications to the IFRS for SMEs Standard 78 All except those noted below
Made some significant modifications in adopting the IFRS for SMEs Standard, including adding in options allowed under full IFRS Standards that are not allowed in the IFRS for SMEs Standard. Details can be found in the Ireland and United Kingdom profiles 2 Ireland and United Kingdom
Did not adopt Section 31 Hyperinflation for SMEs because hyperinflation is not an issue domestically 1 Bangladesh
Does not require the statements of cash flows or changes in equity in separate financial statements prepared using the IFRS for SMEs Standard 1 Bosnia and Herzegovina
Modified the accounting requirements for property development activities 1 Malaysia
Permits capitalisation of borrowing costs 2 Pakistan and Uruguay
Total IFRS for SMEs Standard required or permitted 85

We use information from many sources to make our profiles accurate. Our starting point is the responses provided by standard-setting and other relevant bodies to a questionnaire developed by IFRS. First each profile is drafted, then we invite the questionnaire respondents, and others (including regulators and international audit firms,) to review the drafts and ensure their accuracy.

The webpage for each jurisdiction includes a summary table, showing the extent of IFRS adoption within the jurisdiction. More detailed information can be found below the table, including:

  • the relevant jurisdictional authority
  • survey participant details
  • public commitment to global accounting standards and IFRS Standards
  • extent of application of IFRS Standards by for-profit entities: Which companies? Listed or unlisted financial institutions? Required or permitted? Consolidated financial statements, or separate company statements?
  • endorsement of IFRS Standards—process, legal authority, wording of the auditor’s report
  • has the jurisdiction eliminated options? Made modifications?
  • translation process for IFRS Standards
  • adoption of the IFRS for SMEs Standard

Additionally, some profiles include a tab with a Regulatory Filing Profile (if available).

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