|Extent of IFRS application||Status||Additional Information|
|IFRS Standards are required for domestic public companies||No stock exchange. Financial institutions follow Macanese national standards.|
|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||No.|
|The IFRS for SMEs Standard is under consideration||No.|
As one of two Special Administrative Regions of China (the other being Hong Kong), Macao SAR has its own legal system, including its own legal framework for developing accounting standards.
The CRAC is the official standard-setting body in Macao SAR for both accounting standards and auditing standards, which are promulgated in the form of government regulations by the Chief Executive of the Macao Special Administrative Region.
Macao SAR has no plans for the full adoption of IFRS Standards but, rather, plans to continue selective adoption of some individual IFRS Standards.
Macao SAR has selectively adopted some individual IFRS Standards into its accounting framework as Macau Accounting Standards (MASs), which became compulsory on or after January 2007. Macao plans to continue the adoption of some IFRS on a case by case basis.
To date, Macao SAR has adopted to date one IFRS Standard and fifteen IAS Standards.
The application of MASs is mandatory for all establishments that have been granted concessionary status by the Macao SAR Government, as well as for financial institutions and companies limited by shares in Macao SAR.