|Extent of IFRS application||Status||Additional Information|
|IFRS Standards are required for domestic public companies||Required.|
|IFRS Standards are permitted but not required for domestic public companies|
|IFRS Standards are required or permitted for listings by foreign companies||There are no foreign companies whose shares are publicly traded on the Damascus Stock Exchange.|
|The IFRS for SMEs Standard is required or permitted||No. SMEs are not generally required to prepare general purpose financial statements. Those that do may 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?
Commitment to a single set of global accounting standards, and to IFRS Standards as those standards, is found in several laws and regulations that explicitly require the full adoption of IFRS Standards, such as:
- Law 33 of 2009 concerning the organisation of the auditing profession
- Legislative Decree 29 of 2011 Companies Law
- Law 23 of the Central Bank of Syria and the basic monetary order for the year 2002
- Legislative Decree No 15 for 2007 on micro-finance institutions
- Law 88 of 2010 Financing Leases
- Legislative Decree 419 of 2010 Accounting for Governmental Banks
- Legislative Decree 8 of 2007 Investment Promotion Law
- Law 66 of 2006 Financial Market Law
Has the jurisdiction made a public commitment towards IFRS Standards as that single set of high quality global accounting standards?
See above for a list of, and links to, various laws and regulations explicitly requiring IFRS Standards.
What is the jurisdiction's status of adoption?
Additional comments provided on the adoption status?
Article 65(b) of the Stock Exchange Law states
“All entities subject to the supervision of the Commission shall comply with the Accounting Standards prescribed by the International Accounting Standards Board in arranging all financial statements and data.”
Link to: Stock Exchange Law
All public joint stock companies are subject to the supervision of the Syrian Commission of Financial Markets and Securities. Therefore, they are required to adopt IFRS Standards. This includes all companies whose securities are publicly traded on the Damascus Stock Exchange.
Resolution No 3943 issued by the Prime Minister states in Article 2 that ‘The international accounting standards issued by the International Accounting Standards Board are hereby adopted and thereby all parties subject to the supervision and monitoring of the Commission shall prepare their financial statements in accordance with those standards’.
From the date of the establishment of the Syrian Commission of Financial Markets and Securities in 2005 onwards, Syria has fully adopted the full version of IFRS Standards issued by the IASB Board without amendments.