|Extent of IFRS application||Status||Additional Information|
|IFRS Accounting Standards are required for domestic public companies||No stock exchange. Some large state-owned enterprises and the sovereign wealth fund (Petroleum Fund of Timor-Leste) are required to comply with IFRS Standards.|
|IFRS Accounting Standards are permitted but not required for domestic public companies||Other public companies are permitted but not required to use IFRS Standards.|
|IFRS Accounting Standards are required or permitted for listings by foreign companies||No stock exchange.|
|The IFRS for SMEs Accounting Standard is required or permitted||No. Accounting standards have not yet been adopted in Timor-Leste. SMEs are permitted to use full IFRS Standards.|
|The IFRS for SMEs Accounting Standard is under consideration||No.|
Profile last updated: 16 February 2017
In a letter dated 20 October 2015 to the Chairman of the International Accounting Standards Board, the Minister of Finance of Timor-Leste stated that the Government of Timor-Leste is interested in adopting IFRS Standards. To that end, the Government has appointed a working group to work with the Fiscal Reform Commission to initiate preparatory work necessary to adopt Timor-Leste Accounting Standards based on IFRS Standards with modifications.