|Extent of IFRS application||Status||Additional Information|
|IFRS Standards are required for domestic public companies||No stock exchange. Financial institutions follow Macanese national standards.|
|IFRS Standards are permitted but not required for domestic public companies|
|IFRS Standards are required or permitted for listings by foreign companies||No stock exchange.|
|The IFRS for SMEs Standard is required or permitted||No.|
|The IFRS for SMEs Standard is under consideration||No.|
Role of the organisation
As one of two Special Administrative Regions of China (the other being Hong Kong), Macao has its own legal system, including its own legal framework for developing accounting standards.
The CRAC is the official standard-setting body in Macao for both accounting standards and auditing standards, which are promulgated in the form of government regulations by the Chief Executive of the Macao Special Administrative Region.
Has the jurisdiction made a public commitment in support of moving towards a single set of high quality global accounting standards?
Has the jurisdiction made a public commitment towards IFRS Standards as that single set of high quality global accounting standards?
What is the jurisdiction's status of adoption?
Macao has no plans for the full adoption of IFRS Standards but, rather, plans to continue selective adoption of some individual IFRS Standards.
Macao has selectively adopted some individual IFRS Standards into its accounting framework as Macau Accounting Standards (MASs), which became compulsory on or after January 2007. Macao plans to continue the adoption of some IFRS on a case by case basis.
To date, Macao has adopted to date one IFRS Standard and fifteen IAS Standards.
The application of MASs is mandatory for all establishments that have been granted concessionary status by the Macao Government, as well as for financial institutions and companies limited by shares in Macao.
Additional comments provided on the adoption status?
If the jurisdiction has NOT made a public statement supporting the move towards a single set of accounting standards and/or towards IFRS Standards as that set of standards, explain the jurisdiction's general position towards the adoption of IFRS Standards in the jurisdiction.
For DOMESTIC companies whose debt or equity securities trade in a public market in the jurisdiction:
Are all or some domestic companies whose securities trade in a public market either required or permitted to use IFRS Standards in their consolidated financial statements?
If YES, are IFRS Standards REQUIRED or PERMITTED?
Does that apply to ALL domestic companies whose securities trade in a public market, or only SOME? If some, which ones?
Are IFRS Standards also required or permitted for more than the consolidated financial statements of companies whose securities trade in a public market?
For instance, are IFRS Standards required or permitted in separate company financial statements of companies whose securities trade in a public market?
For instance, are IFRS Standards required or permitted for companies whose securities do not trade in a public market?
If the jurisdiction currently does NOT require or permit the use of IFRS Standards for domestic companies whose securities trade in a public market, are there any plans to permit or require IFRS Standards for such companies in the future?
For FOREIGN companies whose debt or equity securities trade in a public market in the jurisdiction:
Are all or some foreign companies whose securities trade in a public market either REQUIRED or PERMITTED to use IFRS Standards in their consolidated financial statements?
If YES, are IFRS Standards REQUIRED or PERMITTED in such cases?
Does that apply to ALL foreign companies whose securities trade in a public market, or only SOME? If some, which ones?
Which IFRS Standards are required or permitted for domestic companies?
The auditor's report and/or the basis of presentation footnotes states that financial statements have been prepared in conformity with:
Does the auditor's report and/or the basis of preparation footnote allow for ‘dual reporting’ (conformity with both IFRS Standards and the jurisdiction’s GAAP)?
Are IFRS Standards incorporated into law or regulations?
If yes, how does that process work?
If no, how do IFRS Standards become a requirement in the jurisdiction?
Does the jurisdiction have a formal process for the 'endorsement' or 'adoption' of new or amended IFRS Standards (including Interpretations) in place?
If yes, what is the process?
If no, how do new or amended IFRS Standards become a requirement in the jurisdiction?
Has the jurisdiction eliminated any accounting policy options permitted by IFRS Standards and/or made any modifications to any IFRS Standards?
If yes, what are the changes?
Other comments regarding the use of IFRS Standards in the jurisdiction?
Are IFRS Standards translated into the local language?
If they are translated, what is the translation process? In particular, does this process ensure an ongoing translation of the latest updates to IFRS Standards?
Has the jurisdiction adopted the IFRS for SMEs Standard for at least some SMEs?
If no, is the adoption of the IFRS for SMEs Standard under consideration?
Did the jurisdiction make any modifications to the IFRS for SMEs Standard?
If the jurisdiction has made any modifications, what are those modifications?
Which SMEs use the IFRS for SMEs Standard in the jurisdiction, and are they required or permitted to do so?
For those SMEs that are not required to use the IFRS for SMEs Standard, what other accounting framework do they use?
Other comments regarding use of the IFRS for SMEs Standard?
General requirements for companies for-profit entities
Tax payers are divided into Group A and Group B. Group A is companies that keep proper accounting records and whose capital is above MOP1 million or taxable profits in the last three years have been on average above MOP500,000. Tax will be assessed based on the financial statements filed. Tax return must be lodged before 30 June each year.
Other entities that do not keep proper accounting records (90 per cent of all companies) are Group B companies and will be assessed by the Tax Authority with certain parameters. Tax return must be lodged before 31 March each year.
Offshore entities are not required to submit the financial statements to the tax authority because they are exempt from complementary/profit tax, but their audited financial statements must be submitted to the Macao Trade and Investment Promotion Institute.
Certain entities are also subject to regulatory filings (for example, banks are required to file financial reports with the Monetary Authority).
General requirement for companies
What type or format of structured electronic filing is required or permitted?
What is the purpose of the electronic filing?
What documents are required to be filed to the electronic filing system?
Is the financial data provided in XBRL format publicly available?
Is the XBRL reporting system based on the IFRS Taxonomy issued by the IASB?
If no, what are the reasons for not using the IFRS Taxonomy?
Is the IFRS for SMEs filing adopted in the XBRL reporting system?
If no, are there any plans to implement the IFRS for SMEs filing in the future?
How is the XBRL financial statement reporting system set up?
What is (are) the intended purpose(s) of the local base taxonomy?
Which IFRS Taxonomy files are used?
Which part(s) of the IFRS (local) Taxonomy do filer's submissions import/refer to?
Are filers permitted to replace or override any aspects or specified features of the IFRS (local) Taxonomy?
If yes, which aspects and how does this work?
What is the scope or coverage of XBRL filing/tagging?
Are there any plans to extend the coverage of the XBRL filing/tagging in the future?
Which version of the IFRS Taxonomy is being used
If the taxonomy is to be updated to the 2014/2015 version, which of the following module(s) is (are) to be used?
Any guidelines or submission rules for filers?
Do bodies in this jurisdiction use XBRL for purposes other than general purpose financial reports? (For example, taxation authorities, statistical purposes etc.)
Role of the organisation
As one of two special administrative regions of China (the other being Hong Kong), Macao has its own legal system, including its own legal framework for developing accounting Standards.
The CRAC is the official standard-setting body in Macao for both accounting and auditing Standards, which are promulgated in the form of government regulations by the Chief Executive of the Macao Special Administrative Region.