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of,
IFRS or conversion plans to, International Financial Reporting Standards by domestic listed and unlisted companies by
country/territory.
adoption The information is summarized for illustrative purposes only and is not a complete or exhaustive assessment of
local rules and regulations. This information has been provided for general guidance, and does not constitute
professional advice. You should not act upon the information contained in this material without obtaining specific
professional advice. No representation or warranty (express or implied) is given as to the accuracy or
by country completeness of the information contained in this material and, to the extent permitted by law,
PricewaterhouseCoopers LLP, its members, employees and agents do not accept or assume any liability,
responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on
the information contained in this material or for any decision based on it.
Countries are classified according to political criteria, using the geoscheme created by the United Nations
Statistics Division.
Country directory
PricewaterhouseCoopers
North America
Tax information
Type of tax regime
Quasi-dependent. Taxable profit is principally based on the legal entity
statutory accounts, with a number of adjustments provided in the tax law.
Rules for listed filings Companies should follow IFRS as approved by the Dominican Republic
IFRS required or permitted for listed companies? Accountants Institute (ICPARD), which differs in some aspects from IFRS
Permitted for consolidated and standalone/separate financial statements approved by the IASB. For example, the Dominican Republic was
hyperinflationary up to 2006 for IFRS purposes and was not considered
Version of IFRS hyperinflationary by the ICPARD. Additionally, the IFRS implementation
IFRS as adopted locally. was not done in consultation and in conjunction with the companies and
Companies should follow IFRS as approved by the Dominican Republic with the universities and, therefore, knowledge of IFRS in the local
Accountants Institute (ICPARD), which differs in some aspects from IFRS market is not extensive.
approved by the IASB. For example, the Dominican Republic was If applicable, which entities are required to prepare IFRS financial
hyperinflationary up to 2006 for IFRS purposes and was not considered statements in addition to statutory local GAAP financial statements
hyperinflationary by the ICPARD. (i.e., dual reporting requirements)?
Additionally, the IFRS implementation was not done in consultation and Not applicable
in conjunction with the companies and with the universities and,
therefore, knowledge of IFRS in the local market is not extensive. IFRS conversion plans
Plans for converging
Are subsidiaries of foreign companies or foreign companies listed on
Adoption to IFRS is planned, including IFRS for SMEs that is viewed to
local exchanges subject to different rules?
be much more suitable to the economic environment of the country;
No
however, to date, no formal timetable has been announced.
Are foreign companies listed on the stock exchange required to file
IFRS f/s? Tax information
No, but they are permitted to use IFRS.
Type of tax regime
Rules for statutory filings Quasi-dependent: Taxable profit is principally based on the legal entity
statutory accounts, with a number of adjustments provided in the tax law.
Is IFRS required or permitted for statutory filings?
Permitted for consolidated and standalone/separate financial statements
Version of IFRS
IFRS as adopted locally.
Tax information
Type of tax regime
Dependent: Taxable profit is based on the legal entity statutory accounts,
with only limited adjustments to determine taxable profits.
Rules for listed filings relevant differences between these local GAAP and IFRS quantifying the
impacts should be included. Foreign financial institutions could prepare
IFRS required or permitted for listed companies? information under IFRS or other GAAP following certain specific rules.
The National Banking and Securities Commission in Mexico (CNBV for its Therefore, the adoption of IFRS becomes far more practical and less
acronym in Spanish), together with the Mexican Board for Research and costly.
Development of Financial Reporting Standards (CINIF for its acronym in
Spanish) communicated in November 2008 the plan to adopt IFRS for Rules for statutory filings
listed entities. The changes to the relevant law became effective on 27
Is IFRS required or permitted for statutory filings?
January, 2009, amending the reporting rules for listed entities in Mexico
No. All statutory accounts must be prepared under local Mexican FRS.
except for financial institutions. The obligation is to adopt IFRS as issued
by the IASB starting for periods ending on 31 December 2012. Early Version of IFRS
application of IFRS is permitted from 2008 only if it is previously notified Not applicable
to the CNBV. Such financial statements must be audited in accordance
with the International Auditing Standards. Financial listed issuers are still If applicable, which entities are required to prepare IFRS financial
required to report using the accounting standards pronounced by the statements in addition to statutory local GAAP financial statements
competent Mexican authorities, that is, specific rules issued by the (i.e., dual reporting requirements)?
CNBV. Currently there is no plan requiring private companies to adopt Not applicable
IFRS, and therefore they continue reporting under Mexican Financial
Reporting Standards (Mexican FRS). IFRS conversion plans
Plans for converging
Version of IFRS
The CINIF is in the process of converging all Mexican FRS by 2012 for all
IFRS as published by IASB
private entities.
Are subsidiaries of foreign companies or foreign companies listed on
Other useful websites
local exchanges subject to different rules?
Mexican Board for Research and Development of Financial Reporting
No
Standards, AC
Are foreign companies listed on the stock exchange required to file http://www.cinif.org.mx/
IFRS f/s?
Comision Nacional Bancaria y De Valores
The CNBV also allows foreign listed issuers, except for financial http://www.cnbv.gob.mx/v
institutions, to report under US GAAP or the local standards of the
relevant entity (if they are different), but it is necessary to include a Bolsa Mexicana De Valores
document where the differences between these local standards and IFRS http://www.bmv.com.mx/
are detailed without quantifying the impact. In addition, when local
standards (different from US GAAP) are followed, a reconciliation of the
Netherland Antilles (Bonaire, Curacao, Eustatius, Saba, St. Maarten) North America
Tax information
Type of tax regime
Quasi-dependent. Taxable profit is principally based on the legal entity
statutory accounts, with a number of adjustments provided in the
tax law.
Rules for listed filings If applicable, which entities are required to prepare IFRS financial
statements in addition to statutory local GAAP financial statements
IFRS required or permitted for listed companies? (i.e., dual reporting requirements)?
Permitted for consolidated financial statements Not applicable
Note also that Novo Mercado index companies are required to present
IFRS or US GAAP financials two years after being listed. IFRS conversion plans
Plans for converging
Version of IFRS
Brazil is planning on adopting IFRS in 2010 for consolidated financial
IFRS as published by IASB. Note, however, that some accounting
statements of listed companies and financial institutions. Current
options available under IFRS may be restricted (for example ongoing
regulation will require IFRS for insurance companies in 2010 as well.
revaluations are not permitted). Additionally, companies must use
Brazilian GAAP will also continue to converge with IFRS through 2010.
Brazilian GAAP accounting policies where they are acceptable under
IFRS. Other expected changes
Are subsidiaries of foreign companies or foreign companies listed on Significant progress towards convergence with IFRS was made in
local exchanges subject to different rules? Brazilian GAAP standards applicable for 2008 financial statements
(approximately 400 pages of new standards). A further 26 Brazilian
No
GAAP standards were issued during 2009 and early 2010 applicable for
Are foreign companies listed on the stock exchange required to file 2010 financial statements. The Brazilian GAAP standards are in many
IFRS f/s? ways similar to the equivalent IFRSs although there are some restrictions
No on choices permitted under IFRS (e.g. the revaluation model for PPE is
not permitted) and certain other differences (e.g. the transition rules for
Rules for statutory filings first time adoption; the requirement for equity accounting for investments
Is IFRS required or permitted for statutory filings? in subsidiaries in parent company individual financial statements).
Permitted for consolidated financial statements. It is not currently Other useful websites
permitted for standalone/statutory filings. Comit de Pronuncaimentos Contbeis
Private companies may choose to follow the rules for listed companies http://www.cpc.org.br/
which permit the use of IFRS for consolidated financial statements. Securities and Exchange Commission of Brazil
Version of IFRS http://www.cvm.gov.br
IFRS as published by IASB
Tax information
Type of tax regime
Quasi-dependent. Taxable profit is principally based on the legal entity
statutory accounts, with a number of adjustments provided in the tax law.
IFRS adoption by country
PricewaterhouseCoopers 25
Chile South America
Local stock exchange
Bolsa de Comercio de Santiago
http://www.bolsadesantiago.com/
Rules for listed filings Are subsidiaries of foreign companies or foreign companies listed on
local exchanges subject to different rules?
IFRS required or permitted for listed companies? No
Chile is in the process of converting to IFRS. Starting in 2009, main listed
companies (those with a high level of transactions) are required to use Are foreign companies listed on the stock exchange required to file
IFRS (as published by the IASB). There are 176 companies in this IFRS f/s?
situation (plus their subsidiaries). These companies can choose between Foreign companies follow the same rules as domestic companies.
two alternatives during 2009:
Rules for statutory filings
Full IFRS consolidated FS (2009 with 2008 comparative figures,
restated to IFRS). In this case, the transition date is January 1, 2008. Is IFRS required or permitted for statutory filings?
As required by the law, listed companies must use the same GAAP for
IFRS "pro-forma" consolidated FS (only with the 2009 figures). In this both purposes, filings to the stock regulator and for statutory purposes.
case, the transition date is January 1, 2009 and the company See Rules for listed filings.
must file Full Chilean GAAP financial statements (2009 + 2008
comparative) plus the 2009 IFRS pro forma. The "official/legal" set of Version of IFRS
FS is Chilean GAAP. IFRS as published by IASB except for banks (who use a special set of
standards issued by the regulator and based on IFRS).
Starting in 2009, other listed companies are now permitted to use IFRS
(use of IFRS will be mandatory starting 2010). The main differences between SBIF and IFRS as published by IASB are
the bad debt allowance calculations (banks will follow local rules based
Additionally, starting on January 1, 2009, banks are now required to use on categorization and patterns imposed by the bank regulator
a special set of standards issued by the regulator (SBIF), based on ("Superintendencia de Bancos e Instituciones Financieras")), the
IFRS. disclosure schemes and comparative information.
See conversion plans for further details. If applicable, which entities are required to prepare IFRS financial
Version of IFRS statements in addition to statutory local GAAP financial statements
IFRS as published by IASB except for banks (who use a special set of (i.e., dual reporting requirements)?
standards issued by the regulator and based on IFRS) Certain listed companies are required to prepare IFRS financial
statements starting in 2009 in addition to local GAAP statutory accounts.
The main differences between SBIF and IFRS as published by IASB are
the bad debt allowance calculations (banks will follow local rules based See above.
on categorization and patterns imposed by the bank regulator
("Superintendencia de Bancos e Instituciones Financieras")), the
disclosure schemes and comparative information.
Tax information
Type of tax regime
Quasi-dependent: Taxable profit is principally based on the legal entity
statutory accounts, with a number of adjustments provided in the tax law.
Comments on tax regime
Generally the computation of taxable profits is based on the statutory
accounting profits with certain adjustments. The Chilean tax authority has
declared that the adoption of IFRS for financial reporting purposes should
have no direct impact on income taxes. Taxpayers should analyze and
eliminate IFRS adjustments in computing taxable profits.
Rules for listed filings Are foreign companies listed on the stock exchange required to file
IFRS f/s?
IFRS required or permitted for listed companies? Yes (in accordance with IFRS as approved by the Peruvian Accounting
Required for consolidated and standalone/separate financial statements Setter)
Version of IFRS Rules for statutory filings
IFRS as adopted locally Is IFRS required or permitted for statutory filings?
According to Peruvian Law, entities' financial statements must be Required for consolidated and standalone/separate financial statements
prepared according with IFRS as approved by the Peruvian Accounting
Peruvian GAAP as established by the law are IFRS as approved by the
Setter. For the preparation of the 2009 financial statements, all standards
Peruvian Accounting Setter. All companies in Peru must adhere to IFRS
up to IFRS 8 have been approved. However, revisions to standards and
whether they are listed or unlisted. However, private companies are not
interpretations made in 2003 and subsequently are still pending approval.
required to file their financial statements before any Control or
Although legally, the Peruvian accounting framework is based on IFRS, Supervisory Government Entity, neither audited nor unaudited (except for
the following main differences, inter alia, are observed: i) Restatement of financial institutions and Pension Funds, regulated by the
financial statements by inflation during the period between 1998 and Superintendencia de Banca Seguros y AFP-SBS). For tax purposes,
2004 during which the Peruvian economy did not qualify as entities must file their tax returns that must derive from their financial
hyperinflationary, ii) timing of approval of new, revised and amended statements under Peruvian GAAP.
standards, iii) improper recognition of new standards (generally new
Version of IFRS
standards are adopted prospectively), iv) lack of compliance with full
IFRS as adopted locally .
disclosure requirements, and v) lack of compliance with full requirements
of standards (i.e., accelerated depreciation, lack of determination of According to Peruvian Law, entities' financial statements must be
residual values) deemed, by entities, to be immaterial. As such, prepared according with IFRS as approved by the Peruvian
companies' management refer to their accounting principles in notes to Accounting Standard Setter. For the preparation of the 2009 financial
their financial statements as "Peruvian GAAP, which correspond to IFRS statements, all standards up to IFRS 8 have been approved. However,
as approved by the Peruvian Accounting Setter." revisions to standards and interpretations made in 2003 and
subsequently are still pending approval.
Are subsidiaries of foreign companies or foreign companies listed on
local exchanges subject to different rules?
No
Tax information
Type of tax regime
Quasi-dependent. Taxable profit is principally based on the legal entity
statutory accounts, with a number of adjustments provided in the tax law.
Comments on tax regime
The adoption of IFRS could impact the taxable income in the year of
adoption.
Albania Europe
Local stock exchange
Tirana Stock Exchange
http://www.tse.com.al/
The stock exchange in Brussels, Belgium operates one main EU Version of IFRS
regulated exchange, NYSE Euronext Brussels. There is also another Not applicable. Belgium accounting law must be followed.
market, Alternext Brussels, for small and medium sized companies. If applicable, which entities are required to prepare IFRS financial
Companies listed on Alternext are not subject to EU directives and statements in addition to statutory local GAAP financial statements
benefit from a lighter regulatory listing and periodic reporting regime (e.g. (i.e., dual reporting requirements)?
no IFRS requirement).
Not applicable
Rules for listed filings IFRS conversion plans
IFRS required or permitted for listed companies?
Plans for converging
Required for consolidated financial statements of companies listed on
The local standard setting body has not announced any adoption or
NYSE Euronext. Also required for consolidated financial statements
convergence plans.
of all credit institutions and investment companies.
Other useful websites
IFRS is also permitted for consolidated financial statements of non-listed
Banking, Finance and Insurance Commission
companies (irrevocable choice).
(website of the local exchange regulator)
Version of IFRS http://www.cbfa.be/
IFRS as adopted by the EU
Commissie voor Boekhoudkundige Normen/Commission des Normes
Are subsidiaries of foreign companies or foreign companies listed on Comptables
local exchanges subject to different rules? (website of the local standard setter)
No http://www.cnc-cbn.be/
Are foreign companies listed on the stock exchange required to file Tax information
IFRS f/s?
Yes Type of tax regime
Quasi-dependent. Taxable profit is principally based on the legal entity
Rules for statutory filings statutory accounts, with a number of adjustments provided in the tax law.
Is IFRS required or permitted for statutory filings? Comments on tax regime
IFRS is prohibited for the preparation of statutory financial statements, Taxable profits are quasi-dependent on statutory accounts which are
except for real estate investment trusts for which it is required (IFRS generally kept under Belgian GAAP. There are instances where
as adopted by the EU). interpretation of Belgian GAAP is influenced by IFRS. Adoption of IFRS
for statutory purposes is not yet anticipated.
Version of IFRS If applicable, which entities are required to prepare IFRS financial
IFRS as adopted by the EU statements in addition to statutory local GAAP financial statements
(i.e., dual reporting requirements)?
Are subsidiaries of foreign companies or foreign companies listed on Consolidated financial statements of listed companies
local exchanges subject to different rules?
Yes. The European Union has granted equivalence in relation to certain IFRS conversion plans
third country GAAPs under the Prospectus and Transparency Directives, Plans for converging
granting issuers using US, Japanese, Chinese, Canadian, SS. Korean
Not applicable
and Indian GAAP a permanent (US, Japan) or temporary (China,
Canada, S. Korea, India) exemption from having to file IFRS financial Other expected changes
statements, as long as the overseas parent whose subsidiary is listed on As of January 1, 2010, German Statutory GAAP (HGB) has been
an EU exchange uses and publishes financial statements under one of updated to be more similar to IFRS than it had previously been. While
the GAAPS mentioned above. more similar, substantial differences between German statutory GAAP
Are foreign companies listed on the stock exchange required to file and IFRS still remain.
IFRS f/s? Other useful websites
Foreign listed companies are subject to the same rules as domestic listed Accounting Standards Committee of Germany
companies. http://www.standardsetter.de/drsc/news/news.php/
Tax information
Type of tax regime
Quasi-dependent: Taxable profit is principally based on the legal entity
statutory accounts, with a number of adjustments provided in the tax law.
Comments on tax regime
The determination of the taxable profit starts with the legal entity statutory
profit. German tax law then provides for certain adjustments. There is
currently a draft bill with significant changes to the German statutory rules
which is moving towards an IFRS approach. The tax authorities have
stated that the resultant major changes to the accounting rules will not be
included in the calculation of taxable profits. As a result, it is possible that
the adoption of IFRS for German statutory purposes would reduce the
dependency of statutory profit and taxable income.
Tax information
Comments on tax regime
The Isle of Man operates a tax rate of 0% on all companies with the
exception of banks and those companies who derive their profits from
Isle of Man land or property.
Tax information
Type of tax regime
Independent: Taxable profit is determined in accordance with a specific
set of tax rules with little or no direct reliance on the legal entity statutory
accounts of the company.
Comments on tax regime
Companies are required to calculate their tax charge by keeping specific
separate tax accounting books. However, in practice, most companies
derive their tax books from their statutory accounts, with a number of
adjustments for tax.
Rules for listed filings Are subsidiaries of foreign companies or foreign companies listed on
IFRS required or permitted for listed companies? local exchanges subject to different rules?
Permitted for consolidated and standalone/separate financial statements No
Version of IFRS Are foreign companies listed on the stock exchange required to file
IFRS f/s?
IFRS as adopted locally
No
Local GAAP is nearly converged with IFRS. There are a few differences
as follows: Rules for statutory filings
Off-balance sheet assets and liabilities are recorded on the face of Is IFRS required or permitted for statutory filings?
the balance sheet. Such items do not meet the definition of either an Permitted for consolidated and standalone/separate financial statements
asset or a liability under IFRS.
Version of IFRS
If total shareholders equity is less then zero, an asset is recorded in IFRS as adopted locally
the balance sheet of the company under the caption "loss exceeding
Local GAAP is nearly converged with IFRS. There are a few differences
equity" such that total/shareholders/equity then equals zero. This
as follows:
asset does not meet the definition of an asset under IFRS.
Off-balance sheet assets and liabilities are recorded on the face of
Exchange rate gains or losses on unpaid subscribed capital are
the balance sheet. Such items do not meet the definition of either an
credited/debited in equity in the balance sheet. Such treatment is not
asset or a liability under IFRS.
consistent with IFRS.
If total shareholders equity is less then zero, an asset is recorded in
The financial statements are prepared in the format prescribed by
the balance sheet of the company under the caption "loss exceeding
Ministry of Finance, which does not comply with IAS 1"Presentation
equity" such that total/shareholders/equity then equals zero. This
of Financial Statements" requirements.
asset does not meet the definition of an asset under IFRS.
If the company did not submit its consolidated financial statements in
Exchange rate gains or losses on unpaid subscribed capital are
situations where the company has not consolidated the financial
credited/debited in equity in the balance sheet. Such treatment is not
statements of its subsidiary as in accordance with the Law of
consistent with IFRS.
Accounting and Auditing of the Republic of Serbia, the consolidated
financial statements for the current year are required to be filed up to The financial statements are prepared in the format prescribed by
the end of April the following year. This investment is accounted for Ministry of Finance, which does not comply with IAS 1
on a cost basis. Under International Financial Reporting Standards, "Presentation of Financial Statements" requirements.
stand alone financial statements of a company which has subsidiaries
If the company did not submit its consolidated financial statements in
are only allowed if consolidated financial statements are also
situations where the company has not consolidated the financial
prepared and issued at the same time.
statements of its subsidiary as in accordance with the Law of
IFRS adoption by country
PricewaterhouseCoopers 68
Serbia Europe
Accounting and Auditing of the Republic of Serbia, the consolidated
financial statements for the current year are required to be filed up to
the end of April the following year. This investment is accounted for
on a cost basis. Under International Financial Reporting Standards,
stand alone financial statements of a company which has subsidiaries
are only allowed if consolidated financial statements are also
prepared and issued at the same time.
If applicable, which entities are required to prepare IFRS financial
statements in addition to statutory local GAAP financial statements
(i.e., dual reporting requirements)?
Not applicable
Tax information
Type of tax regime
Quasi-dependent. Taxable profit is principally based on the legal entity
statutory accounts, with a number of adjustments provided in the tax law.
Tax information
Type of tax regime
Quasi-dependent. Taxable profit is principally based on the legal entity
statutory accounts, with a number of adjustments provided in the tax law.
Comments on tax regime
All Spanish companies adopted a revised Spanish GAAP from January 1,
2008 which was a partial convergence with IFRS. There was a tax law
enacted that was intended to make this transition tax neutral.
Rules for listed filings Government. The current view is that the Government would approve use
of IFRS, US GAAP or Swiss GAAP FER.
IFRS required or permitted for listed companies?
Permitted for consolidated financial statements. Additionally, banks may Version of IFRS
use IFRS for their consolidated financial statements. Not applicable
Registrants at the main board of the SIX are required to use either IFRS If applicable, which entities are required to prepare IFRS financial
or US GAAP. Other registrants may use IFRS, US GAAP or Swiss statements in addition to statutory local GAAP financial statements
GAAP FER. (i.e., dual reporting requirements)?
Certain listed companies on the main board of the SIX must prepare
Version of IFRS consolidated statements in accordance with IFRS or US GAAP (see
IFRS as published by IASB above). Standalone/separate financial statements must be prepared in
Are subsidiaries of foreign companies or foreign companies listed on accordance with the Swiss Code of Obligation. As such, there may be
local exchanges subject to different rules? instances where companies may be required to prepare financial
No statements under IFRS or US GAAP in addition to statutory local GAAP
financial statements.
Are foreign companies listed on the stock exchange required to file
IFRS f/s? IFRS conversion plans
Foreign listed companies are subject to the same rules as domestic listed
Plans for converging
companies.
The local standard setting body has not announced any adoption or
Rules for statutory filings convergence plans.
Is IFRS required or permitted for statutory filings? Other expected changes
Statutory standalone/separate financial statements must be prepared in The Swiss Code of Obligation will be changed within the next three to
accordance with the Swiss Code of Obligation. four years. Under the proposed law, the accounting requirements will
depend on the size of an entity rather than on its legal form as under the
Consolidated statutory financial statements need to be prepared for
current legislation.
entities meeting certain thresholds. Listed companies on the main board
of the SIX must prepare these consolidated financial statements in Stand-alone financial statements will still be used for tax purposes. The
accordance with IFRS or US GAAP. Other registrants may use IFRS, US new law will also require preparing consolidated financial statements in
GAAP or Swiss GAAP FER. Non-listed entities can choose any accordance with a "true and fair framework." Presumably, the permitted
accounting principles to prepare their consolidated statutory financial accounting frameworks will be IFRS, IFRS for Private Entities, US GAAP
statements. Note, however, that the Parliament is currently discussing and Swiss GAAP FER. (Currently entities exceeding a certain size are
changes to the Swiss Code of Obligation which may change the statutory required to prepare consolidated financial statements for which IFRS may
consolidated reporting requirements for non-listed entities whereby such be used. However, there is no requirement for using any accounting
entities would be required to use accounting principles approved by the framework for consolidated financial statements at the moment.)
IFRS adoption by country
PricewaterhouseCoopers 75
Switzerland Europe
Other useful websites
Swiss Exchange Admissions Board Circular
http://www.six-exchange-regulation.com/admission/to_trading_en.html
Tax information
Type of tax regime
Quasi-dependent. Taxable profit is principally based on the legal entity
statutory accounts, with a number of adjustments provided in the tax law.
Comments on tax regime
The Parliament is currently discussing a proposal that would allow IFRS
to be used in the statutory accounts that would form the basis of the
company's tax return.
Rules for listed filings good reasons not to do so. Once IFRS is adopted, entities generally
cannot go back to UK GAAP. Note that charities are not allowed to
IFRS required or permitted for listed companies?
use IFRS.
Required for consolidated financial statements. Permitted for
standalone/separate financial statements. Version of IFRS
IFRS as adopted by the EU
Version of IFRS
IFRS as adopted by the EU If applicable, which entities are required to prepare IFRS financial
statements in addition to statutory local GAAP financial statements
Are subsidiaries of foreign companies or foreign companies listed on (i.e., dual reporting requirements)?
local exchanges subject to different rules?
Some government or quasi-government entities are required to prepare
Subsidiaries of any group are permitted to use IFRS or UK GAAP for their IFRS financial statements as well as Building Societies and Limited
standalone financial statements except in situations where fellow liability partnerships. Other entities have a choice of IFRS or UK GAAP.
subsidiaries have elected to use IFRS, then there is a presumption that However, charities are not allowed to use IFRS.
all subsidiaries should use IFRS unless there are "good reasons" not to
as set out in guidance from a government department (Department for IFRS conversion plans
Business, Innovation and Skills).
Plans for converging
Are foreign companies listed on the stock exchange required to file The UK ASB has incorporated some IFRS into UK GAAP. Certain of the
IFRS f/s? standards apply only to some entities. For example, the UK equivalent of
Foreign listed companies are subject to the same rules as domestic listed IAS 39 (Financial Instruments: Recognition and Measurement) is only
companies. mandatory for those who want to use the fair value option and listed
entities. Other local standards have not converged.
Rules for statutory filings
Is IFRS required or permitted for statutory filings? The ASB launched a discussion paper in August 2009 which proposes to
Permitted for consolidated and standalone/separate financial statements replace UK GAAP with IFRS for SMEs. Companies, other than those
required to adopt full IFRS (i.e. listed entities in consolidated financial
Parent companies can choose to apply IFRS or UK GAAP. Choosing to statements and publically accountable entities), will have the option of
prepare IFRS does not mean that all other UK entities within the group applying full IFRS or IFRS for SMEs. Under this proposal, companies
need to prepare IFRS. These entities can stay with UK GAAP. If IFRS is currently reporting under UK GAAP would need to adopt either full IFRS
adopted by one subsidiary, it should be adopted by all unless there are or IFRS for SMEs in years from January 1, 2012. This means that a
Tax information
Type of tax regime
Quasi-dependent. Taxable profit is principally based on the legal entity
statutory accounts, with a number of adjustments provided in the tax law.
Comments on tax regime
Any IFRS transitional adjustments are generally taxable in the year of
adoption with a number of exceptions, some of which are spread over a
10 year period. There is recent tax legislation that deals with IFRS
conversions and which is intended to neutralize most of the ongoing
adoption differences. However it is expected that a number of differences
will remain.
Afghanistan Asia
Rules for listed filings
Not applicable. There is no local exchange.
Tax information
Type of tax regime
Quasi-dependent: Taxable profit is principally based on the legal entity
statutory accounts, with a number of adjustments provided in the tax law.
Tax information
Type of tax regime
Quasi-dependent: Taxable profit is principally based on the legal entity
statutory accounts, with a number of adjustments provided in the tax law.
Comments on tax regime
The taxable income is based on the local GAAP (HKFRS) statutory
accounts, with a number of adjustments required. There is little difference
between HKFRS and IFRS.
Tax information
See above.
There are also stock exchanges in other cities such as Osaka, Nagoya, Are foreign companies listed on the stock exchange required to file
Fukuoka, and Sapporo. Additionally, another exchange (JASDAQ) exists IFRS f/s?
mainly for newly developed companies. No
Tax information
Type of tax regime
Quasi-dependent. Taxable profit is principally based on the legal entity
statutory accounts, under Japanese GAAP, with a number of adjustments
provided in the tax law.
Rules for listed filings 4) London Stock Exchange Group (London Stock Exchange and Borsa
Italiana SpA);
IFRS required or permitted for listed companies?
5) Tokyo Stock Exchange Group, Inc.;
Required for consolidated and standalone/separate financial statements.
Also required for large business entities and public interest entities. 6) BME Spanish Exchanges;
7) SWX Swiss Exchange;
Public interest entities are financial organizations, joint-stock companies
8) Taiwan Stock Exchange Corp.
(except for non-commercial), subsurface users (except for entities mining
general useful minerals) and organizations where the state has a As such, one view is that foreign companies should use one of the
participation share in the authorized capital, as well as state-owned standards required by one of these exchanges, while another document
enterprises organized on the basis of business authority. Large business indicates that issuers should use either IFRS or US GAAP.
entities are entities with yearly average employees > 250 people or total
assets greater than approx. US$3.2 million. Rules for statutory filings
Version of IFRS Is IFRS required or permitted for statutory filings?
IFRS as published by IASB Required for large business entities and public interest entities. Permitted
for middle sized companies (average yearly employees between 50 and
Are subsidiaries of foreign companies or foreign companies listed on 250 and total assets less than approx. US$3.2 million).
local exchanges subject to different rules?
No Public interest entities are financial organizations, joint-stock companies
(except for non-commercial), subsurface users (except for entities mining
Are foreign companies listed on the stock exchange required to file general useful minerals) and organizations where the state has a
IFRS f/s? participation share in the authorized capital, as well as state-owned
Foreign companies listed on the stock exchange are not required to file enterprises organized on the basis of business authority. Large business
IFRS financial statements, however, there is some uncertainty as to entities are entities with yearly average employees > 250 people or total
which standards they should apply. The local stock exchange recognizes assets greater than approx. US$3.2 million.
the following foreign stock exchanges (as named by the World
Federation of Exchanges).
1) NASDAQ OMX;
2) NYSE Euronext;
3) Deutsche Boerse AG;
Tax information
Type of tax regime
Quasi-dependent: Taxable profit is principally based on the legal entity
statutory accounts, with a number of adjustments provided in the tax law.
Rules for listed filings If applicable, which entities are required to prepare IFRS financial
statements in addition to statutory local GAAP financial statements
IFRS required or permitted for listed companies?
(i.e., dual reporting requirements)?
Early adoption of IFRS, with exception of financial institutions, is
permitted from 2009. Adoption of IFRS is required for all listed companies Not applicable
and certain unlisted financial institutions from 2011.
IFRS conversion plans
Version of IFRS
Plans for converging
Full IFRS as published by IASB and translated to Korean language word-
for-word Full adoption of IFRS will be mandatory for all listed companies and
certain financial institutions from 2011. From 2009, voluntary adoption will
Are subsidiaries of foreign companies or foreign companies listed on be permitted for all companies, listed and non-listed, with the exception of
local exchanges subject to different rules? financial institutions.
No
Other useful websites
Are foreign companies listed on the stock exchange required to file Korean Accounting Institute
IFRS f/s? http://www.kasb.or.kr/
Foreign listed companies are subject to the same rules as domestic listed
companies. US GAAP is also allowed for foreign companies. Financial Supervisory Service
http://ifrs.fss.or.kr/ifrs/main.jsp/
Rules for statutory filings
Is IFRS required or permitted for statutory filings?
Tax information
IFRS is permitted from 2009 for all statutory filers, with the exception of Type of tax regime
financial institutions. From 2011, IFRS will become a requirement for all Quasi-dependent. Taxable profit is principally based on the legal entity
listed statutory filers and certain unlisted financial institutions. statutory accounts, with a number of adjustments provided in the tax law.
Version of IFRS
Full IFRS as published by IASB and translated to Korean language word-
for-word
Administrative Region
Rules for listed filings IFRS conversion plans
IFRS required or permitted for listed companies? Plans for converging
Not applicable. There is no local exchange. While there is no specific timeline, there are plans for continued
convergence/adoption of new standards.
Rules for statutory filings
Is IFRS required or permitted for statutory filings? Tax information
MFRS, a local version of IFRS, is required for the following entities: Type of tax regime
Dependent: Taxable profit is based on the legal entity statutory accounts,
Concessionary status granted by the Macao Government;
with only limited adjustments to determine taxable profits.
Insurance companies;
Macao Financial System Act regulated entities;
Macao Offshore Institutions;
Companies limited by shares; and
Limited partnerships.
All other entities are permitted to use MFRS.
Version of IFRS
IFRS as adopted locally
MFRS, a local adaptation of IFRS published in the Macao Official
Gazette in 2004, is a specific set of 16 standards based upon the 2005
version of IFRS published by the IASB. However, not all standards are
used in practice (e.g., IAS 32, IAS 39, IAS 40, IFRS 2, IFRS 7, etc.).
If applicable, which entities are required to prepare IFRS financial
statements in addition to statutory local GAAP financial statements
(i.e., dual reporting requirements)?
Not applicable
Tax information
Type of tax regime
Independent. Taxable profit is determined in accordance with a specific
set of tax rules with little or no direct reliance on the legal entity statutory
accounts of the company.
Comments on tax regime
Not applicable
Tax information
Quasi-dependent: Taxable profit is principally based on the legal entity
statutory accounts, with a number of adjustments provided in the tax law.
Rules for listed filings State owned banks are required to prepare IFRS financial statements in
addition to statutory local GAAP financial statements.
IFRS required or permitted for listed companies?
Required for state owned banks. Permitted for commercial banks (other IFRS conversion plans
than state owned banks).
Plans for converging
All listed companies must report under Vietnamese Accounting The Ministry of Finance, the Vietnamese standard setter, is currently
Standards which is based on the old IAS rather than IFRS. working on a number of Vietnamese Accounting Standards which are
Version of IFRS based on IFRS. Currently all the Vietnamese Accounting Standards are
IFRS as published by IASB based on the old version of IAS.
Are subsidiaries of foreign companies or foreign companies listed on Other expected changes
local exchanges subject to different rules? Commercial joint stock banks will likely be required to prepare their IFRS
No financial statements in addition to the FS prepared under local GAAP.
Currently they are only encouraged to do so.
Are foreign companies listed on the stock exchange required to file
IFRS f/s? Other useful websites
No Ministry of Finance
http://www.mof.gov.vn/
Rules for statutory filings State Bank of Vietnam
Is IFRS required or permitted for statutory filings? http://www.sbv.gov.vn/
Required for state owned banks. Permitted for commercial banks (other
than state owned banks). Tax information
Quasi-dependent: Taxable profit is principally based on the legal entity
All listed companies must report under Vietnamese Accounting
Standards which is based on the old IAS rather than IFRS. statutory accounts, with a number of adjustments provided in the tax law.
Version of IFRS
IFRS as published by IASB
If applicable, which entities are required to prepare IFRS financial
statements in addition to statutory local GAAP financial statements
(i.e., dual reporting requirements)?
IFRS adoption by country
PricewaterhouseCoopers 114
West Bank/Gaza Asia
Local stock exchange
Palestine Securities Exchange
http://www.p-s-
e.com/psewebsite/english/default.aspx
Angola Africa
Rules for listed filings
IFRS required or permitted for listed companies?
Not applicable. There is no local exchange.
Tax information
Not applicable
Are foreign companies listed on the stock exchange required to file Tax information
IFRS f/s?
Type of tax regime
Not applicable
Quasi-dependent: Taxable profit is principally based on the legal entity
No foreign companies currently listed on local exchange. statutory accounts, with a number of adjustments provided in the
tax law.
Rules for statutory filings
Is IFRS required or permitted for statutory filings?
No
Tax information
Type of tax regime
Quasi-dependent. Taxable profit is principally based on the legal entity
statutory accounts, with a number of adjustments provided in the tax law.
Tax information
Type of tax regime
Quasi-dependent. Taxable profit is principally based on the legal entity
statutory accounts, with a number of adjustments provided in the tax law.
Malawi
Local stock exchange
Malawi Stock Exchange
http://www.mse.co.mw/
Rules for listed filings If applicable, which entities are required to prepare IFRS financial
statements in addition to statutory local GAAP financial statements
IFRS required or permitted for listed companies? (i.e., dual reporting requirements)?
Required for consolidated and standalone/separate financial statements Not applicable
Version of IFRS
IFRS as adopted locally IFRS conversion plans
Plans for converging
Are subsidiaries of foreign companies or foreign companies listed on
local exchanges subject to different rules? Not applicable
No Other useful websites
Are foreign companies listed on the stock exchange required to file New Zealand Institute of Chartered Accountants
IFRS f/s? http://www.nzica.com/
Yes Accounting Standards Review Board
http://www.asrb.co.nz/
Rules for statutory filings Financial Reporting Standards Board (included in NZICA website)
Is IFRS required or permitted for statutory filings? http://www.nzica.com/AM/Template.cfm?Section=Financial_Reporting_St
IFRS, as adopted locally and referred to as New Zealand Equivalents to andards/
IFRS (NZ IFRS), is required for all companies unless they are not an
issuer, not overseas owned and not large (under 2 of NZD20m turnover, Tax information
NZD10m net assets and 50 employees). All others continue to use pre- Type of tax regime
NZ IFRS standards (i.e., New Zealand Financial Reporting Standards,
Quasi-dependent. Taxable profit is principally based on the legal entity
FRS).
statutory accounts, with a number of adjustments provided in the tax law.
Version of IFRS
IFRS as adopted locally
New Zealand has removed cost option in IAS 40 and requires additional
information in IFRS 7 and IAS 10. New Zealand has sector neutral
standards so there are additional amendments in some standards for the
public sector.
2010 PricewaterhouseCoopers LLP. All rights reserved. "PricewaterhouseCoopers" refers to PricewaterhouseCoopers LLP (a Delaware limited liability partnership) or, as the context requires, the
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