|Extent of IFRS application||Status||Additional Information|
|IFRS Standards are required for domestic public companies||No stock exchange. IFRS Standards required for all companies other than micro-sized, and for all banks.|
|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. National law requires all companies other than micro-sized to use full IFRS Standards.|
|The IFRS for SMEs Standard is under consideration||No.|
Role of the organisation
Has the jurisdiction made a public commitment in support of moving towards a single set of high quality global accounting standards?
Evidence of this support are the Corporations and Limited Liability Companies Law and the Law of Banking, both of which have adopted IFRS Standards as issued by the the International Accounting Standards Board (Board). Further Articles 28 and 101 of the Central Bank Law require the Central Bank to use IFRS Standards.
Both the Law of Banking and Da Afghanistan Law can be found under the Laws and Regulations section of the Central Bank's website.
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?
Additional comments provided on the adoption status?
Article 54 of the Afghanistan Corporations and Limited Liability Companies Law states:
ARTICLE 54: Preparation and Delivery of Financial Statements:
(1) Not less than 15 days prior to the Regular/Annual Meeting of the Shareholders, the Corporation shall deliver to all of the Shareholders entitled to attend such Meeting Financial Statements dated as of the last day of the fiscal year of the Corporation, which shall include the balance sheet dated as of the last day of the fiscal year and the profit and loss statement of the Corporation for the fiscal year. All Financial Statements shall include all operations of the company and shall comply in all material respects, with the applicable accounting standards set forth by the International Accounting Standards Board.
The Law of Banking requires all banks to follow accounting standards prescribed by regulation of the Central Bank. The Central Bank has prescribed the use of IFRS Standards.