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Inaternatioal Accounting Standards Board (IASB)
http://www.iasb.org
Standards Summary: http://www.iasplus.com/standard/standard.htm
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- Standards. International Accounting Standards (IASs) were issued by the IASC from 1973 to 2000. The IASB replaced the IASC in 2001. Since then, the IASB has amended some IASs, has proposed to amend other IASs, has proposed to replace some IASs with new International Financial Reporting Standards (IFRSs), and has adopted or proposed certain new IFRSs on topics for which there was no previous IAS. Through committees, both the IASC and the IASB also have issued Interpretations of Standards. Financial statements may not be described as complying with IFRSs unless they comply with all of the requirements of each applicable standard and each applicable interpretation.
- Summaries of Standards. Click on an IAS or IFRS number below to go to an unofficial summary of the standard. Please remember that the summaries of IASs and IFRSs only cover highlights and are not a substitute for reading the entire standard. They should not be relied on for preparing financial statements.
- IASB Framework. While not a standard, the IASB Framework for the Preparation and Presentation of Financial Statements serves as a guide to resolving accounting issues that are not addressed directly in a standard. Moreover, in the absence of a standard or an interpretation that specifically applies to a transaction, IAS 8 requires that an entity must use its judgement in developing and applying an accounting policy that results in information that is relevant and reliable. In making that judgement, IAS 8.11 requires management to consider the definitions, recognition criteria and measurement concepts for assets, liabilities, income, and expenses in the Framework. The IASB adopted the Framework in April 2001. It had originally been adopted by the IASC in 1989.
- Preface to IFRSs. Sets out IASB's objectives, the scope of IFRSs, due process, and policies on effective dates, format, and language for IFRSs.
- Effective Dates. Click here for a Table of Effective Dates of Recent Standards.
- How to Obtain.
- The IASB publishes individual copies of its standards, an annual "Bound Volume" of all existing standards and interpretations, and a CD ROM with standards and Interpretations. Subscribers also get access to publications via the Internet. Publications and subscriptions may be ordered on IASB's website www.iasb.org.
- When IASB standards are endorsed by the Accounting Regulatory Committee of the European Commission for use in the European Union, they (minus the non-mandatory guidance and bases for conclusions) are published in the Official Journal of the European Union in all of the EU languages. They Can Be Accessed Here.
- The term 'IFRSs'. The term International Financial Reporting Standards (IFRSs) has both a narrow and a broad meaning. Narrowly, IFRSs refers to the new numbered series of pronouncements that the IASB is issuing, as distinct from the International Accounting Standards (IASs) series issued by its predecessor. More broadly, IFRSs refers to the entire body of IASB pronouncements, including standards and interpretations approved by the IASB and IASs and SIC interpretations approved by the predecessor International Accounting Standards Committee. [On this website, consistent with IASB policy, we abbreviate International Financial Reporting Standards (plural) as IFRSs and International Accounting Standards (plural) as IASs.]
- Interpretations. Click here for information about the Information about Interpretations of IASB Standards.
- Technical Corrections. Click here for information about the IASB's Approach to Making Minor Technical Corrections to Its Standards.
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| International Financial Reporting Standards |
 Preface to International Financial Reporting Standards |
| IFRS 1
First-time Adoption of International Financial Reporting Standards |
| IFRS 2
Share-based Payment |
| IFRS 3
Business Combinations |
| IFRS 4
Insurance Contracts |
| IFRS 5
Non-current Assets Held for Sale and Discontinued Operations |
| IFRS 6
Exploration for and Evaluation of Mineral Assets |
| IFRS 7
Financial Instruments: Disclosures |
| Framework for the Preparation and Presentation of Financial Statements |
| Framework for the Preparation and Presentation of Financial Statements |
| International Accounting Standards |
| IAS 1
Presentation of Financial Statements |
| IAS 2
Inventories |
IAS 3 Consolidated Financial Statements
Originally issued 1976, effective 1 Jan 1977. Superseded in 1989 by IAS 27 and IAS 28. |
IAS 4 Depreciation Accounting
Withdrawn in 1999, replaced by IAS 16, 22, and 38, all of which were issued or revised in 1998. |
IAS 5 Information to Be Disclosed in Financial Statements
Originally issued October 1976, effective 1 January 1997. Superseded by IAS 1 in 1997. |
IAS 6 Accounting Responses to Changing Prices
Superseded by IAS 15, which was withdrawn December 2003 |
| IAS 7
Cash Flow Statements |
| IAS 8
Accounting Policies, Changes in Accounting Estimates, and Errors |
IAS 9 Accounting for Research and Development Activities
Superseded by IAS 38 effective 1.7.99 |
| IAS 10
Events After the Balance Sheet Date |
| IAS 11
Construction Contracts |
| IAS 12
Income Taxes |
IAS 13 Presentation of Current Assets and Current Liabilities
Superseded by IAS 1. |
| IAS 14
Segment Reporting |
IAS 15
Information Reflecting the Effects of Changing Prices
Withdrawn December 2003 |
| IAS 16
Property, Plant and Equipment |
| IAS 17
Leases |
| IAS 18
Revenue |
| IAS 19
Employee Benefits |
| IAS 20
Accounting for Government Grants and Disclosure of Government Assistance |
| IAS 21
The Effects of Changes in Foreign Exchange Rates |
IAS 22
Business Combinations
Superseded by IFRS 3 effective 31 March 2004. |
| IAS 23 Borrowing Costs |
| IAS 24
Related Party Disclosures |
IAS 25 Accounting for Investments
Superseded by IAS 39 and IAS 40 effective 2001. |
| IAS 26
Accounting and Reporting by Retirement Benefit Plans |
| IAS 27
Consolidated and Separate Financial Statements |
| IAS 28
Investments in Associates |
| IAS 29
Financial Reporting in Hyperinflationary Economies |
IAS 30
Disclosures in the Financial Statements of Banks and Similar Financial Institutions
Superseded by IFRS 7 effective 2007. |
| IAS 31 Interests In Joint Ventures |
IAS 32
Financial Instruments: Disclosure and Presentation
Disclosure provisions superseded by IFRS 7 effective 2007. |
| IAS 33
Earnings Per Share |
| IAS 34
Interim Financial Reporting |
IAS 35
Discontinuing Operations
Superseded by IFRS 5 effective 2005. |
| IAS 36
Impairment of Assets |
| IAS 37
Provisions, Contingent Liabilities and Contingent Assets |
| IAS 38
Intangible Assets |
| IAS 39
Financial Instruments: Recognition and Measurement |
| IAS 40
Investment Property |
| IAS 41
Agriculture |
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http://www.iasplus.com/dttpubs/pocket2006.pdf
Country Use of IFRS:
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| Code |
Country
or Region |
IFRS Not Permitted for Domestic Listed Companies |
IFRSs Permitted for Domestic Listed Companies |
IFRSs Required for Some Domestic Listed Companies |
IFRSs Required for All Domestic Listed Companies |
| AL |
Albania |
No domestic stock exchange in Albania.
Companies (unlisted) follow Albanian GAAP. |
| AR |
Argentina |
X |
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| AM |
Armenia |
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X |
| AW |
Aruba |
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X |
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| AT |
Austria |
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X Note 1 |
| AU |
Australia |
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X Note 2 |
| AG |
Azerbaijan |
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Banks and, starting 2008, major state-owned entities |
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| BS |
Bahamas |
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X |
| BH |
Bahrain |
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X |
| BB |
Barbados |
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X |
| BD |
Bangladesh |
X |
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| BE |
Belgium |
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X Note 1 |
| BZ |
Belize |
No domestic stock exchange in Belize.
Companies (unlisted) may use IFRSs or other internationally accepted standards (particularly US GAAP or Canadian GAAP). |
| BJ |
Benin |
X |
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| BM |
Bermuda |
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X |
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| BT |
Bhutan |
X |
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| BO |
Bolivia |
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X |
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| Code |
Country
or Region |
IFRSs Not Permitted for Domestic Listed Companies |
IFRSs Permitted for Domestic Listed Companies |
IFRSs Required for Some Domestic Listed Companies |
IFRSs Required for All Domestic Listed Companies |
| BA |
Bosnia and Herzegovina |
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X (all large and medium sized) |
| BW |
Botswana |
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X |
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| BR |
Brazil |
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Financial institutions starting 2010.
Not permitted for others. |
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| BN |
Brunei Darussalam |
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X |
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| BG |
Bulgaria |
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X |
| BF |
Burkina Faso |
X |
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| AL |
Cambodia |
No domestic stock exchange in Cambodia.
Some companies (unlisted) follow IFRSs. |
| KY |
Cayman Islands |
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X |
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| CA |
Canada |
X |
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| CL |
Chile |
X |
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| CN |
China |
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X |
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| CI |
Cote D'Ivoire (Ivory Coast) |
X |
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| CO |
Colombia |
X |
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| Code |
Country
or Region |
IFRSs Not Permitted for Domestic Listed Companies |
IFRSs Permitted for Domestic Listed Companies |
IFRSs Required for Some Domestic Listed Companies |
IFRSs Required for All Domestic Listed Companies |
| CR |
Costa Rica |
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X |
| HR |
Croatia (Hrvatska) |
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X |
| CY |
Cyprus |
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X Note 1 |
| CZ |
Czech Republic |
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X Note 1 |
| DK |
Denmark |
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X Note 1 |
| DM |
Dominica |
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X |
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| DO |
Dominican Republic |
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X |
| EC |
Ecuador |
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X |
| EG |
Egypt |
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X |
| SV |
El Salvador |
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X |
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| EE |
Estonia |
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X Note 1 |
| Code |
Country
or Region |
IFRSs Not Permitted for Domestic Listed Companies |
IFRSs Permitted for Domestic Listed Companies |
IFRSs Required for Some Domestic Listed Companies |
IFRSs Required for All Domestic Listed Companies |
| FI |
Finland |
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X Note 1 |
| FJ |
Fiji |
X |
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| FR |
France |
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X Note 1 |
| DE |
Germany |
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X Note 1 |
| GE |
Georgia |
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X |
| GH |
Ghana |
X |
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| GI |
Gibraltar |
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X |
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| GR |
Greece |
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X Note 1 |
| GU |
Guam |
No domestic stock exchange in Guam.
Companies (unlisted) follow US GAAP. |
| GT |
Guatemala |
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X |
| GY |
Guyana |
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X |
| HT |
Haiti |
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X |
| HN |
Honduras |
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X |
| HK |
Hong Kong |
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X Note 3 |
| HU |
Hungary |
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X Note 1 |
| IS |
Iceland |
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X Note 1 |
| IN |
India |
X |
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| Code |
Country
or Region |
IFRSs Not Permitted for Domestic Listed Companies |
IFRSs Permitted for Domestic Listed Companies |
IFRSs Required for Some Domestic Listed Companies |
IFRSs Required for All Domestic Listed Companies |
| ID |
Indonesia |
X |
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| IE |
Ireland |
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X Note 1 |
| IL |
Israel |
X |
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| IT |
Italy |
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X Note 1 |
| JM |
Jamaica |
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X |
| JP |
Japan |
X |
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| JO |
Jordan |
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X |
| KZ |
Kazakhstan |
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Banks |
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| KE |
Kenya |
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X |
| KR |
Korea (South) |
X |
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| KW |
Kuwait |
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X |
| KG |
Kyrgyzstan |
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X |
| LA |
Laos |
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X |
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| LV |
Latvia |
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X Note 1 |
| LB |
Lebanon |
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X |
| LI |
Liechtenstein |
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X Note 1 |
| Code |
Country
or Region |
IFRSs Not Permitted for Domestic Listed Companies |
IFRSs Permitted for Domestic Listed Companies |
IFRSs Required for Some Domestic Listed Companies |
IFRSs Required for All Domestic Listed Companies |
| LS |
Lesotho |
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X |
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| LT |
Lithuania |
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X Note 1 |
| LU |
Luxembourg |
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X Note 1 |
| MO |
Macau |
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X |
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| MK |
Macedonia |
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X |
| MW |
Malawi |
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X |
| ML |
Mali |
X |
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| MT |
Malta |
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X Note 1 |
| MY |
Malaysia |
X |
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| MU |
Mauritius |
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X |
| MX |
Mexico |
X |
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| MD |
Moldova |
X |
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| MA |
Morocco |
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Listed companies other than banks and financial institutions may choose IFRSs or Moroccan GAAP. Banks/financial institutions must use Moroccan GAAP. |
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| MZ |
Mozambique |
X |
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| MM |
Myanmar |
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X |
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| NA |
Namibia |
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X |
| NL |
Netherlands |
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X Note 1 |
| Code |
Country
or Region |
IFRSs Not Permitted for Domestic Listed Companies |
IFRSs Permitted for Domestic Listed Companies |
IFRSs Required for Some Domestic Listed Companies |
IFRSs Required for All Domestic Listed Companies |
| AN |
Netherlands Antilles |
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X |
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| NP |
Nepal |
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X |
| NZ |
New Zealand |
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X Note 2 |
| NI |
Nicaragua |
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X |
| NE |
Niger |
X |
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| NO |
Norway |
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X Note 1 |
| OM |
Oman |
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X |
| PK |
Pakistan |
X |
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| PA |
Panama |
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X |
| PG |
Papua New Guinea |
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X |
| PE |
Peru |
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X |
| PH |
Philippines |
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X Note 3 |
| PL |
Poland |
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X Note 1 |
| PT |
Portugal |
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X Note 1 |
| QA |
Qatar |
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X |
| RO |
Romania |
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Companies of National Importance
In 2005 for All Large Companies |
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| Code |
Country
or Region |
IFRSs Not Permitted for Domestic Listed Companies |
IFRSs Permitted for Domestic Listed Companies |
IFRSs Required for Some Domestic Listed Companies |
IFRSs Required for All Domestic Listed Companies |
| RU |
Russian Federation |
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Banks |
Proposed phase-in for listed companies starting 2006. |
| SA |
Saudi Arabia |
X |
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| SL |
Sierra Leone |
No domestic stock exchange in Sierra Leone (one is being developed).
Companies (unlisted) are required to use IFRSs. |
| SG |
Singapore |
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X Note 3 |
| SI |
Slovenia |
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X Note 1 |
| SK |
Slovak Republic |
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X Note 1 |
| ZA |
South Africa |
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X |
| ES |
Spain |
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X Note 1 |
| LK |
Sri Lanka |
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X |
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| SR |
Suriname |
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X |
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| SE |
Sweden |
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X Note 1 |
| SY |
Syria |
X |
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| SZ |
Swaziland |
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X |
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| CH |
Switzerland |
|
X
Multi-national main board companies must choose either IFRS or US GAAP starting 2005 |
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| TW |
Taiwan |
X |
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| TJ |
Tajikistan |
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X |
| TZ |
Tanzania |
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X |
| TH |
Thailand |
X |
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| TG |
Togo |
X |
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| Code |
Country
or Region |
IFRSs Not Permitted for Domestic Listed Companies |
IFRSs Permitted for Domestic Listed Companies |
IFRSs Required for Some Domestic Listed Companies |
IFRSs Required for All Domestic Listed Companies |
| TT |
Trinidad and Tobago |
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X |
| TN |
Tunisia |
X |
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| TR |
Turkey |
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X Note 5 |
| UG |
Uganda |
|
X |
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| UA |
Ukraine |
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X |
| AE |
United Arab Emirates |
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Banks and companies trading at Dubai International Finance Centre |
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| UK |
United Kingdom |
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X Note 1 |
| US |
United States |
X |
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| UY |
Uruguay |
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X Note 4 |
| UZ |
Uzbekistan |
X |
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| VU |
Vanuatu |
No domestic stock exchange in Vanuatu.
Companies (unlisted) are permitted to use IFRSs. |
| VE |
Venezuela |
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2006 (listed companies)
2007 (others) |
| VN |
Vietnam |
X |
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| VG |
Virgin Islands (British) |
|
X |
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| GU |
Virgin Islands (US) |
No domestic stock exchange in Virgin Islands (US).
Companies (unlisted) follow US GAAP. |
| YE |
Yemen |
No domestic stock exchange in Yemen.
Companies (unlisted) are permitted to use IFRSs. |
| YU |
Yugoslavia |
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X |
| ZM |
Zambia |
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X |
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| ZW |
Zimbabwe |
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X |
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Note 1
The audit report and basis of presentation note will refer to compliance with "IFRSs as adopted by the EU". Currently, the EU has adopted all IFRSs, though one aspect of IAS 39 was modified. The modification affects only a tiny percentage of EU companies following IFRSs. Also, EU and EEA member states are permitted to defer the application of IFRSs until 2007 (a) for companies that only have debt securities listed in a public securities market and/or (b) for companies whose securities are admitted to public trading in a non-member state and that, for that purpose, have been using internationally accepted standards other than IFRSs (such as US GAAP) since a financial year that started prior to adoption of the European IAS regulation. Click for Latest Information on which of 28 EU and EEA members will use this option. |
| Note 2
Australia and New Zealand have adopted national standards that they describe as IFRS-equivalents. Those standards include the requirement from IAS 1.14 that "an entity whose financial statements comply with IFRSs shall make an explicit and unreserved statement of such compliance in the notes". Such a statement will be made in the notes. |
| Note 3
Hong Kong and Philippines have adopted national standards that are identical to IFRSs, including all recognition and measurement options, but in some cases effective dates and transition are different. In the case of Hong Kong, companies that are based in Hong Kong but incorporated in another country are permitted to issue IFRS financial statements rather than Hong Kong GAAP statements. Singapore has adopted all IFRSs essentially word for word as Singapore equivalents of IFRSs but has made changes to the recognition and measurement principles in several IFRSs when adopting them as Singapore standards (the most significant difference, on investment property, has been removed effective 2007). |
| Note 4
By law, all Uruguayan companies must follow IFRSs existing at 19 May 2004. The auditor's report refers to conformity with Uruguayan GAAP. |
Note 5
Listed companies in Turkey can follow IFRSs in one of two ways due to delays in translating IFRSs into Turkish:
- A listed company can follow the official English version of IFRSs as published by the IASB, in which case the audit report and basis of presentation footnote make an explicit statement of compliance with International Financial Reporting Standards.
- A listed company can follow the Turkish translation of IFRSs. Because of the translation delay, the audit report and basis of presentation footnote state that the financial statements comply with "IFRSs as adopted for use in Turkey".
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Please click: http://mstawfik.7p.com/iasifrs.htm
COMPARISONS OF IFRSs TO NATIONAL AND REGIONAL GAAPs
| Please note that these comparisons become out-of-date because the IFRSs change, the local standards change, or both. Also the comparisons generally highlight only some of the differences between IFRSs and local GAAP. |
Australia – Comparison of Australian Standards and IFRSs, September 2005 (PDF 244k)
Canada – Comparison of IFRSs and Canadian GAAP as of 31 March 2006 (PDF 286k).
China – Comparison of IFRSs with (a) current Chinese Accounting Standards effective for 2006 and earlier and (b) the new Chinese Accounting Standards adopted by the Ministry of Finance of the People's Republic of China that are effective in 2007 for listed companies:
Denmark – Although this publication (Introduktion til de internationale regnskabsstandarder) is primarily an introduction to IFRSs in Danish, it includes a summary fo key differences between IFRSs and Danish GAAP, May 2005 (PDF 2.4mb)
Denmark – Checklist for Transition from Danish GAAP to IFRSs in 2005 (PDF 685k). This publication describes in English the areas of IFRSs that differ from Danish GAAP.
Germany – Comparison of IFRSs and German GAAP, August 2004
Hong Kong – Comparison of IFRSs and Hong Kong GAAP, October 2003 (PDF 36k). Note that as of 2005 Hong Kong GAAP is identical to IFRSs, though there is one Hong Kong standard and several Hong Kong interpretations that do not have counterparts in IFRSs. Also there are several minor wording differences between HKFRSs and IFRSs. These are all described in Implementing Hong Kong Financial Reporting Standards: The Challenge for 2005 (PDF 2,022k, 180 pages, August 2005)
Japan – Comparison of IFRSs, US GAAP, and Japanese GAAP, June 2004 (PDF 1,012k). This is the report of a study group comprised predominantly of representatives of Japanese industrial companies that compares Japanese accounting standards and IFRSs and recommends that the European Commission accept Japanese GAAP as equivalent to IFRSs for the purpose of filings by Japanese companies in Europe. There is a 29-page tabular comparison of Japanese standards, IFRSs, and US GAAP.
New Zealand – Comparison of NZ IFRS 'Equivalents' and NZ GAAP April 2005 (PDF 645k)
Singapore – Comparison of IFRSs and Singapore GAAP, November 2005 (PDF 207k). Note that the "Summary of Differences Between Financial Reporting Standards and International Accounting Standards/International Financial Reporting Standards" on page 18 of this booklet is updated from time to time on our Singapore Page.
South Africa – Comparison of IFRSs and South African GAAP, August 2003 (PDF 131k)
United Kingdom – Comparison of "Improved" IFRSs and UK GAAP, October 2003
United Kingdom – Comparison of IFRSs and UK GAAP on Inland Revenue Website, March 2004
United States – Comparison of IFRSs and US GAAP, IASPlus Web Page updated periodically when IASB and FASB standards change
United States – Comparison of IFRSs and US GAAP as of 1 September 2005 (PDF 265k)
United States – Comparison of IFRSs and US GAAPCompiled as of June 2004 - Chinese Translation (PDF 576k) 
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