|Extent of IFRS application||Status||Additional Information|
|IFRS Standards are required for domestic public companies||IFRS Standards required for all listed companies and financial institutions.|
|IFRS Standards are permitted but not required for domestic public companies|
|IFRS Standards are required or permitted for listings by foreign companies||Required.|
|The IFRS for SMEs Standard is required or permitted||Permitted.|
|The IFRS for SMEs Standard is under consideration|
Has the jurisdiction made a public commitment in support of moving towards a single set of high quality global accounting standards?
Yes, through requirements to use IFRS adopted in law and regulation.
Companies registered under the Companies’ Act No 10 of 1996 are required to follow international accounting standards in preparation and presentation of their statutory financial statements. In practice this is interpreted to include both full IFRS Standards and the IFRS for SMEs Standard.
Maldives Banking Act
Maldives Banking Act No. 24 of 2010 requires all banks and financial institution to comply with International Accounting Standards.
Maldives Inland Revenue Authority (MIRA)
Under the Business Profit Tax Act No 5 of 2011 and the regulations thereby, the accounting standards accepted by MIRA are as follows:
- IFRS Standards.
- IFRS for SMEs Standard.
- Standards adopted by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) http://www.aaoifi.com/aaoifi/.
Capital Market Development Authority (CMDA)
The corporate governance code issued by the Capital Market Development Authority requires that all listed companies on the Maldives stock exchange must ensure that their financial statements are prepared based on IFRS Standards.
Has the jurisdiction made a public commitment towards IFRS Standards as that single set of high quality global accounting standards?