Syria
Extent of IFRS applicationStatusAdditional 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 There are no foreign companies whose shares are publicly traded on the Damascus Stock Exchange.
The IFRS for SMEs Standard is required or permitted No. SMEs are not generally required to prepare general purpose financial statements. Those that do may use full IFRS Standards.
The IFRS for SMEs Standard is under consideration No.

Syria

RELEVANT JURISDICTIONAL AUTHORITY

Organisation
Association of Syrian Certified Accountants
Role of the organisation
The Association of Syrian Certified Accountants is the national professional body for public accountants. It does not currently set accounting standards. Rather, it advises the legislative authorities in the areas of accounting and auditing standards. There are no national accounting standards in Syria.
Website

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.

Commitment to a single set of global accounting standards, and to IFRS Standards as those standards, is found in several laws and regulations that explicitly require the full adoption of IFRS Standards, such as:

  • Legislative Decree 29 of 2011 Companies Law
  • Legislative Decree 8 of 2007 Investment Promotion Law
Has the jurisdiction made a public commitment towards IFRS Standards as that single set of high quality global accounting standards?

Yes.

See above for a list of, and links to, various laws and regulations explicitly requiring IFRS Standards.

What is the jurisdiction's status of adoption?
Syria has adopted IFRS Standards.
Additional comments provided on the adoption status?

Article 65(b) of the Stock Exchange Law states

“All entities subject to the supervision of the Commission shall comply with the Accounting Standards prescribed by the International Accounting Standards Board in arranging all financial statements and data.”

All public joint stock companies are subject to the supervision of the Syrian Commission of Financial Markets and Securities. Therefore, they are required to adopt IFRS Standards. This includes all companies whose securities are publicly traded on the Damascus Stock Exchange.

Resolution No 3943 issued by the Prime Minister states in Article 2 that ‘The international accounting standards issued by the International Accounting Standards Board are hereby adopted and thereby all parties subject to the supervision and monitoring of the Commission shall prepare their financial statements in accordance with those standards’.

From the date of the establishment of the Syrian Commission of Financial Markets and Securities in 2005 onwards, Syria has fully adopted the full version of IFRS Standards issued by the IASB Board without amendments.

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?
IFRS Standards are required. See above.
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.
For instance, are IFRS Standards required or permitted for companies whose securities do not trade in a public market?
No. IFRS Standards have been adopted only for companies subject to the supervision of the Syrian Commission of Financial Markets and Securities.
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?
There are no foreign companies whose shares are publicly traded on the Damascus Stock Exchange.
If YES, are IFRS Standards REQUIRED or PERMITTED in such cases?
Not applicable.
Does that apply to ALL foreign companies whose securities trade in a public market, or only SOME? If some, which ones?
Not applicable.

IFRS ENDORSEMENT

Which IFRS Standards are required or permitted for domestic companies?
IFRS Standards as issued by the IASB 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.
Are IFRS Standards incorporated into law or regulations?
Yes.
If yes, how does that process work?
IFRS Standards are incorporated both in laws and in regulations.
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?
The Decree requiring IFRS Standards applies to new and amended IFRS Standards as well.
If no, how do new or amended IFRS Standards become a requirement in the jurisdiction?
Not applicable.
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?
Yes. They are translated into Arabic.
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?
The IFRS Foundation translates IFRS into Arabic and publishes a Bound Volume of standards.

APPLICATION OF THE IFRS FOR SMEs STANDARD

Has the jurisdiction adopted the IFRS for SMEs Standard for at least some SMEs?
No.
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?
Not applicable.
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?
Not applicable.
For those SMEs that are not required to use the IFRS for SMEs Standard, what other accounting framework do they use?
SMEs are not generally required to prepare general purpose financial statements. Those that do may use full IFRS Standards.
Other comments regarding use of the IFRS for SMEs Standard?
The priority in Syria now is to enhance application of full IFRS Standards.

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