|Extent of IFRS application||Status||Additional Information|
|IFRS Standards are required for domestic public companies||Required. Both the ICPARD and the Superintendencia de Valores require the use of IFRS Standards.|
|IFRS Standards are permitted but not required for domestic public companies|
|IFRS Standards are required or permitted for listings by foreign companies||Required.|
|The IFRS for SMEs Standard is required or permitted||Required.|
|The IFRS for SMEs Standard is under consideration|
Instituto de Contadores Públicos Autorizados de la República Dominicana (ICPARD).
Superintendencia de Valores.
The ICPARD has the legal power to establish accounting standards in accordance with article 31 of Law 479-08.
The Superintendencia de Valores has legal power to regulate companies whose securities trade on the Bolsa de Valores de la República Dominicana (Stock Market of the Dominican Republic, or BVRD), including the power to adopt accounting standards that must be followed by those companies.
Article 31 of the General Law of Corporations and Limited Liability Companies Singles (Law No. 479–08) as amended by Law No. 31–11 provides that financial statements should be prepared in accordance with the principles and / or generally accepted accounting standards nationally and internationally.
Further, both the ICPARD and the Superintendencia de Valores have required the use of IFRS Standards and the IFRS for SMEs Standard .
See Resolución 001 Acta 2010-004 Adopción e Implementación de las NIIFs:
And Resoluci ó n 20-03-2014 ACTA 222014 “Confirmacion Implementaci ó n de las NIFFs”, which confirmed that IFRS are required starting 1 January 2013:
See also Superintendency of Securities Circular C-SIV-2011-12-MV Modificación de la Circular Que Informa a los Participantes del Mercado de Valores y Emisores de Valores Que Deberán Adecuarse a las Normas Internacionales de Información Financiera (NIIFs).
In 2010, the ICPARD issued two resolutions adopting IFRS Standard, as follows:
In addition, those resolutions allowed companies using US GAAP to continue to do so up to 2014 when they would need to use IFRS Standards.
Although the principle of adopting IFRS Standards and the IFRS for SMEs Standard in those resolutions has not changed, several subsequent resolutions of the ICPARD and a Circular issued by the Superintendency of Securities (Superintendencia de Valores) have resulted in changes to the 2014 dates in the above resolutions, as follows:
Therefore, the status of adoption of IFRS and the IFRS for SMEs is as follows:
Unlisted companies that have been using US GAAP may continue to do so without time limit.