|Extent of IFRS application||Status||Additional Information|
|IFRS Standards are required for domestic public companies||IFRS Standards are required for all listed companies, financial institutions, and other companies that fall under the purview of the Kuwait Commercial Companies Law.|
|IFRS Standards are permitted but not required for domestic public companies|
|IFRS Standards are required or permitted for listings by foreign companies||Securities of foreign companies are not publicly traded in Kuwait.|
|The IFRS for SMEs Standard is required or permitted||No. SMEs that fall under the purview of the Kuwait Commercial Companies Law and some other institutions required to use full IFRS Standards.|
|The IFRS for SMEs Standard is under consideration||No.|
Kuwait Ministry of Commerce and Industry
Kuwait Association of Accountants and Auditors (KAAA)
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?
Ministerial Decree No. (18) for the Year 1990 issued by the Ministry of Commerce and Industry instructing Companies and Institutions to follow International Accounting Standards in the preparation of their financial statements; an amendment to the Decree was made through Decree No. (101) for the year 2008 (which basically introduces the term ‘as applicable’ to ensure due consideration of other relevant laws).
Has the jurisdiction made a public commitment towards IFRS Standards as that single set of high quality global accounting standards?