|Extent of IFRS application||Status||Additional Information|
|IFRS Standards are required for domestic public companies||No stock exchange. IFRS Standards are required for domestic banks and permitted for other companies.|
|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||Permitted.|
|The IFRS for SMEs Standard is under consideration|
IFRS Standards are required for domestic banks and permitted for other companies.
For banks, Chapter 73(1) of the Belize Domestic Bank and Financial Institutions Act of 2012 requires that financial statements and accounting records must be “prepared and maintained in accordance with International Financial Reporting Standards”.
For other companies, Belize permits companies to use IFRS Standards and the IFRS for SMEs Standard as the financial reporting framework for preparing their financial statements. Alternatively, non-bank companies are permitted to use other internationally recognised standards. US GAAP and Canadian GAAP are often used.