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 166 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 166 jurisdiction profiles completed thus far by the IFRS Foundation.

  • Analysis of the 166 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 over 98% 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 93 major securities exchanges in the world, over 29,000 use IFRS Standards, and only three 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.

For a progress overview, see our guide to IFRS adoption around the world.

Analysis of the IFRS jurisdiction profiles 

Updated 25 April 2018 

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 166 jurisdictions, including all of the G20 jurisdictions.

The 166 jurisdictions represent all parts of the globe, as follows:

Number of Jurisdictions Per cent of total
Europe 44 27%
Africa 38 23%
Middle East 13 8%
Asia and Oceania 34 20%
Americas 37 22%
Totals 166 100%

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 166 jurisdictions:

Commitment to a single set of global accounting standards:

Nearly all of the jurisdictions (156 of the 166) 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 166 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:

144 jurisdictions (87 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 22 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
  • Seven jurisdictions use national or regional standards: Bolivia, China, Egypt, India, Macao SAR, United States, Vietnam.

The following table analyses the use of IFRS Standards in the 166 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 38 36 95% 1 1
Middle East 13 13 100% 0 0
Asia-Oceania 34 25 74% 3 6
Americas 37 27 73% 8 2
Totals 166 144 87% 13 9
As %
of 166

100%

87%
 
8%

5%

The 166 profiles include all 31 member states of the European Union (EU) and the European Economic Area (EEA), in which IFRS Standards are required for all companies whose securities trade in a regulated market.

The 144 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 144 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 144 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 144 jurisdictions that require IFRS Standards for all or most domestic publicly accountable entities include 18 that have no stock exchange but that require IFRS Standards for all financial institutions (Afghanistan, Angola, Belize, Brunei, Cameroon, Central African Republic, Chad, Comoros, Democratic Republic of Congo, Equatorial Guinea, Gabon, Gambia, Guinea, Kosovo, Lesotho, Liberia, Republic of the Congo, Yemen).

Of the 144 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 65 per cent of the 144 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 166 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. 

IFRS for SMEs Standard:

86 of the 166 jurisdictions require or permit the IFRS for SMEs Standard, and it is currently under consideration in an additional 9 jurisdictions.

Analysis of the G20 IFRS profiles

Updated 12 January 2018

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 2018 companies accounting for 33% 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 23 August 2019

The GDP (2018 data*) of profiled jurisdictions that require or permit the use of IFRS Standards for domestic publicly accountable entities (listed companies and financial institutions) constitutes 54% 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 46% of the GDP of all profiled jurisdictions. Three jurisdictions (China, India and the United States) account for nearly all (95%) of the GDP of profiled jurisdictions that do not permit the use of IFRS Standards for any domestic publicly accountable entities.

*2018 GDP data used where available. For profiled jurisdictions where 2018 GDP data was not yet available, the 2017 GDP data was used.

Detail is in the table below:

  US$
(billions)
Per cent (%)
GDP of 166 profiled jurisdictions 84,417 100
GDP of jurisdictions that require IFRS Standards for all or most domestic Publicly Accountable Entities (PAEs) 39,474 46.8
GDP of jurisdictions that require IFRS Standards for some (but not all or most) domestic PAEs 50 0.1
GDP of jurisdictions that permit IFRS Standards for all or most domestic PAEs 5,926 7
GDP of jurisdictions that neither require nor permit IFRS Standards for domestic PAEs 38,966 46.2

Data sources:

How many domestic listed companies use IFRS Standards globally?

Updated 24 September 2019

This page provides information on the population of domestic listed companies that are required or permitted to use IFRS Standards globally. For this analysis, the total number of domestic listed companies is from the World Federation of Exchanges (WFE), which provides data on 77 exchanges globally. Only three of the 77 exchanges are based in countries that do not currently have a jurisdiction profile on the IFRS Foundation website.

The table below shows the population of domestic listed companies in jurisdictions where IFRS Standards are required or permitted, rather than the actual number of listed companies using IFRS Standards. Where jurisdictions permit the use of IFRS Standards it is not always possible to obtain precise data on which financial reporting framework the relevant companies have chosen, and so we have not attempted to provide that level of analysis.

According to 2018 data, the population of domestic listed companies that are required or permitted to use IFRS Standards is 31,290, which represents 64% of the total 48,913 domestic listed companies on WFE exchanges.

Three jurisdictions (India, the United States and China) account for nearly all (87%) of domestic listed companies that are neither required nor permitted to use IFRS Standards.

The analysis does not provide information about companies listed on exchanges that are not WFE members and therefore it does not include data on the population of listed companies on many small securities exchanges which may be required or permitted to use IFRS Standards.

Requirements
Domestic listed companies Per cent (%)
Total domestic listed companies on WFE exchanges according to 2018 annual data 48,913 100
Number of domestic listed companies in countries that do not have a jurisdiction profile
167 0.3
Population of domestic listed companies in jurisdictions that require IFRS Standards for all or most domestic Publicly Accountable Entities (PAEs) 
27,359 55.9
Population of domestic listed companies in jurisdictions that permit IFRS Standards for all or most domestic PAEs
3,931 8
Number of domestic listed companies in jurisdictions that neither require nor permit IFRS Standards for domestic PAEs
17,456
35.7

Data source:

Analysis of the IFRS profiles for the IFRS for SMEs Standard

Updated 21 March 2019 

The following observations relate to the information in the 166 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 86
IFRS for SMEs Standard is currently under consideration 9
IFRS for SMEs Standard is not used or under consideration 71
Total 166

Which jurisdictions require or permit the IFRS for SMEs Standard?

The 86 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, Eswatini, 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, Papua New Guinea, 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, Switzerland, Tanzania, Trinidad & Tobago, Uganda, Ukraine, United Arab Emirates, United Kingdom, Uruguay, Venezuela, Yemen, Zambia, and Zimbabwe.

We use information from many sources to make our profiles accurate. Our starting point is the responses provided by standard-setters and other relevant bodies to a questionnaire developed by us. 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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