Extent of IFRS application Status Additional Information
IFRS Standards are required for domestic public companies No. Domestic public companies must use US GAAP.
IFRS Standards are permitted but not required for domestic public companies
IFRS Standards are required or permitted for listings by foreign companies tick Permitted. Currently, more than 500 foreign SEC registrants, with a worldwide market capitalisation of US$7 trillion, use IFRS Standards in their US filings.
The IFRS for SMEs Standard is required or permitted The IFRS for SMEs Standard is neither required nor expressly permitted. However, it is not prohibited either, and a specified financial reporting framework has not been adopted for most SMEs.
The IFRS for SMEs Standard is under consideration No.
Last updated:
27 April 2017
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