|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||Foreign companies are not listed on the Qatar Exchange.|
|The IFRS for SMEs Standard is required or permitted||IFRS Standards are required. Note that some Qatari companies and auditors have concluded that the IFRS for SMEs Standard satisfies the requirement to follow international standards, and so they use the IFRS for SMEs Standard.|
|The IFRS for SMEs Standard is under consideration|
Qatar’s commitment to a single set of global accounting standards and to IFRS Standards as those standards is set out in Commercial Law No. 5 of 2002. That law requires all listed companies to prepare consolidated and separate company financial statements “in accordance with the accounting principles approved internationally”. Regulations of the Qatar Financial Markets Authority have defined this to mean IFRS Standards.
The QFMA Offering and Listing Rulebook of Securities requires all listed companies to prepare their financial statements in conformity with IFRS Standards.
Similarly, the QFMA Offering and Listing Rulebook of Securities “Second Market” requires companies whose securities trade in that market prepare their financial statements in conformity with IFRS Standards.
Both these Rulebooks are available from the QFMA's 'Initial Public Offering (IPOS)' page (English).