|Extent of IFRS application||Status||Additional Information|
|IFRS Accounting Standards are required for domestic public companies||Companies whose securities trade in a public market are required to use the 2008 version of IFRS Standards with a modification related to general-price-level adjustments.|
|IFRS Accounting Standards are permitted but not required for domestic public companies|
|IFRS Accounting Standards are required or permitted for listings by foreign companies||Required.|
|The IFRS for SMEs Accounting Standard is required or permitted||All SMEs are required to use the IFRS for SMEs Standard, other than SMEs in the oil, energy, and mining industries, which are required to use full IFRS Standards as adopted in Venezuela.|
|The IFRS for SMEs Accounting Standard is under consideration|
Profile last updated: 16 June 2016
Adoption of IFRS Standards was approved by the FCCPV. There is a formal public statement on the FCCPV’s website.
Venezuela modified the 2008 version of IFRS Standards to require price-level adjusted financial statements when the rate of inflation is 10% or more, even if the hyperinflation test of 100% over three years in IAS 29 Financial Reporting in Hyperinflationary Economies is not met.
As noted above, Venezuela has adopted the 2008 version of IFRS Standards as modified. Those standards are required not only for all companies whose securities trade in a public market but also for:
Small companies are required to use the IFRS for SMEs Standard.