Ghana
Extent of IFRS applicationStatusAdditional Information
IFRS Standards are required for domestic public companies IFRS Standards are required for all listed companies and financial institutions, as well as for government business enterprises and public utilities.
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

Ghana

RELEVANT JURISDICTIONAL AUTHORITY

Organisation
The Institute of Chartered Accountants (Ghana).
Role of the organisation

The Institute of Chartered Accountants (Ghana) was established by an Act of Parliament, the Chartered Accountants Act, 1963 (Act 170) . It is charged with the regulation of the accountancy profession in Ghana, including setting professional standards. It is governed by a council of eleven chartered accountants.

Website
Email contact

COMMITMENT TO GLOBAL FINANCIAL REPORTING STANDARDS

Has the jurisdiction made a public commitment in support of moving towards a single set of high quality global accounting standards?

Yes.

By having voted to adopt IFRS Standards as Ghana National Accounting Standards effective 1 January 2007, the Council of the Institute of Chartered Accountants (Ghana) publicly made a commitment for a single set of high quality global accounting standards. This commitment was reaffirmed in 2010 when the Institute adopted the IFRS for SMEs Standard.

Has the jurisdiction made a public commitment towards IFRS Standards as that single set of high quality global accounting standards?

Yes.

See above.

What is the jurisdiction's status of adoption?
Ghana has adopted IFRS Standards and the IFRS for SMEs Standard.
Additional comments provided on the adoption status?
The Ghana Stock Exchange listing rules require all listed companies to prepare financial statements in accordance with the Ghana National Accounting Standards issued by the Institute of Chartered Accountants (Ghana). In 2007 the Institute adopted IFRS Standards in place of Ghana National Accounting Standards.
If the jurisdiction has NOT made a public statement supporting the move towards a single set of accounting standards and/or towards IFRS Standards as that set of standards, explain the jurisdiction's general position towards the adoption of IFRS Standards in the jurisdiction.
Not applicable.

EXTENT OF IFRS APPLICATION

For DOMESTIC companies whose debt or equity securities trade in a public market in the jurisdiction:

Are all or some domestic companies whose securities trade in a public market either required or permitted to use IFRS Standards in their consolidated financial statements?
Yes.
If YES, are IFRS Standards REQUIRED or PERMITTED?
Required.
Does that apply to ALL domestic companies whose securities trade in a public market, or only SOME? If some, which ones?
All.
Are IFRS Standards also required or permitted for more than the consolidated financial statements of companies whose securities trade in a public market?
Yes.
For instance, are IFRS Standards required or permitted in separate company financial statements of companies whose securities trade in a public market?
IFRS Standards are required in the separate financial statements of all companies whose securities trade in a public market.
For instance, are IFRS Standards required or permitted for companies whose securities do not trade in a public market?
IFRS Standards are required for the financial statements of all government business enterprises, banks, insurance companies, securities brokers, pension funds, and public utilities, whether or not their securities trade in a public market. All other business entities whose securities do not trade in a public market are permitted to use either full IFRS Standards or the IFRS for SMEs Standard.
If the jurisdiction currently does NOT require or permit the use of IFRS Standards for domestic companies whose securities trade in a public market, are there any plans to permit or require IFRS Standards for such companies in the future?
Not applicable.

For FOREIGN companies whose debt or equity securities trade in a public market in the jurisdiction:

Are all or some foreign companies whose securities trade in a public market either REQUIRED or PERMITTED to use IFRS Standards in their consolidated financial statements?
Yes.
If YES, are IFRS Standards REQUIRED or PERMITTED in such cases?
Required.
Does that apply to ALL foreign companies whose securities trade in a public market, or only SOME? If some, which ones?
All.

IFRS ENDORSEMENT

Which IFRS Standards are required or permitted for domestic companies?
IFRS Standards as issued by the Board.
The auditor's report and/or the basis of presentation footnote states that financial statements have been prepared in conformity with:
IFRS Standards.
Does the auditor's report and/or the basis of preparation footnote allow for ‘dual reporting’ (conformity with both IFRS Standards and the jurisdiction’s GAAP)?
No. IFRS Standards are Ghana’s national GAAP.
Are IFRS Standards incorporated into law or regulations?
Yes.
If yes, how does that process work?
The Institute of Chartered Accountants (Ghana) is empowered by law to adopt accounting standards. In 2007 the Institute adopted IFRS Standards as Ghana National Accounting Standards, and in 2010 the Institute adopted the IFRS for SMEs Standard.
If no, how do IFRS Standards become a requirement in the jurisdiction?
Not applicable.
Does the jurisdiction have a formal process for the 'endorsement' or 'adoption' of new or amended IFRS Standards (including Interpretations) in place?

No.

If yes, what is the process?
Not applicable.
If no, how do new or amended IFRS Standards become a requirement in the jurisdiction?
By having adopted IFRS Standards and the IFRS for SMEs Standard as Ghana’s national accounting standards, there is no need for the Institute to endorse individual new or amended IFRS Standards.
Has the jurisdiction eliminated any accounting policy options permitted by IFRS Standards and/or made any modifications to any IFRS Standards?
No.
If yes, what are the changes?
Not applicable.
Other comments regarding the use of IFRS Standards in the jurisdiction?
None.

TRANSLATION OF IFRS STANDARDS

Are IFRS Standards translated into the local language?
No. The English language standards are used.
If they are translated, what is the translation process? In particular, does this process ensure an ongoing translation of the latest updates to IFRS Standards?
Not applicable.

APPLICATION OF THE IFRS FOR SMEs STANDARD

Has the jurisdiction adopted the IFRS for SMEs Standard for at least some SMEs?

Yes.

If no, is the adoption of the IFRS for SMEs Standard under consideration?
No.
Did the jurisdiction make any modifications to the IFRS for SMEs Standard?
No.
If the jurisdiction has made any modifications, what are those modifications?
Not applicable.
Which SMEs use the IFRS for SMEs Standard in the jurisdiction, and are they required or permitted to do so?
All SMEs are permitted to use either the IFRS for SMEs Standard or full IFRS Standards.
For those SMEs that are not required to use the IFRS for SMEs Standard, what other accounting framework do they use?
All SMEs are permitted to use either the IFRS for SMEs Standard or full IFRS Standards.
Other comments regarding use of the IFRS for SMEs Standard?
None.

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