List of countries using IFRS

 
Nation
Legal
Adoption
Effective
Date(s)
IFRS for
Public Companies
IFRS Audit for
Public Companies
IFRS for
Other Companies
Cost Per Company
Est. № of Accounting
Professionals
 
Armenia
2008
2011
Required
Required
Required
N/A
853 licensed
 
Australia
N/A
N/A
Prohibited
Required
Prohibited
N/A
140,000
 
Austria
2002
2005-2007
Required
Required
IFRSs permitted in consolidated statements, prohibited in separate statements.
0.31% of Turnover in small companies to 0.05% of Turnover in large companies
up to 141,000
 
Azerbaijan
2004
2006-2008
Required for consolidated financial statements of listed companies and for public interest entities.
Required
Required for banks and state-owned enterprises, allowed for all others.
N/A
Over 200 licensed accountants & over 50 audit firms
 
Belarus
2007
2008
Required for banks
Required
Required for banks
N/A
up to 110,000
 
Belgium
2002
2005-2007
Required
Required
Required in consolidated statements for banks and credit institutions, Permitted for other companies. Prohibited in separate company statements.
0.31% of Turnover in small companies to 0.05% of Turnover in large companies
up to 156,000
 
Bulgaria
2002
2003-2007
Required
Required
Required for all except SMEs.  SMEs permitted.
0.31% of Turnover in small companies to 0.05% of Turnover in large companies
over 680 licensed
 
Canada
2006
2011
Required
Required
Permitted
68% state less than $500,000.  22% state betweem $500,000-$5,000,000.  5% state over $5,000,000, and 5% unknown.
up to 627,000
 
China
N/A
N/A
Prohibited
Not Required
Prohibited
4.8% - 10.5% higher professional accounting fees for companies electing to also report under IFRS
over 150,000 licensed
 
Croatia
2007
2010
Required
Required
Required for all financial institutions and large companies, allowed for others
N/A
up to 30,000
 
Cyprus
1981
1981
Required
Required
Required
0.31% of Turnover in small companies to 0.05% of Turnover in large companies
up to 16,000
 
Czech Republic
2002
2005-2007
Required
Required
Permitted in consolidated statements. Companies that are part of a group which prepare consolidated financial statements are allowed.
0.31% of Turnover in small companies to 0.05% of Turnover in large companies
up to 5,200 accountants & 300 audit firms
 
Denmark
2002
2005-2007
Required
Required
Permitted
0.31% of Turnover in small companies to 0.05% of Turnover in large companies
up to 141,000
 
Estonia
2002
2005-2007
Required
Required
Required for financial institutions, Permitted for all others
0.31% of Turnover in small companies to 0.05% of Turnover in large companies
up to 400 auditors & 50 audit firms
 
Finland
2002
2005-2007
Required
Required
Permitted
0.31% of Turnover in small companies to 0.05% of Turnover in large companies
up to 117,000
 
France
2002
2005-2007
Required
Required
Permitted
0.31% of Turnover in small companies to 0.05% of Turnover in large companies
up to 745,000
 
Georgia
2005
2005-2006
Required
Required
Required
N/A
~20,000
 
Germany
2002
2005-2007
Required
Required
Permitted, Statutory accounts that conform to national GAAP are also required.
0.31% of Turnover in small companies to 0.05% of Turnover in large companies
up to 402,000
 
Greece
2002
2005-2007
Required
Required
Permitted
0.31% of Turnover in small companies to 0.05% of Turnover in large companies
up to 83,000
 
Hungary
2002
2005-2007
Required
Required
Permitted, Statutory accounts that conform to national GAAP are also required.
0.31% of Turnover in small companies to 0.05% of Turnover in large companies
Over 5,700  auditors & over 1,800 audit firms
 
Iceland
2002
2005-2007
Required
Required
Permitted
0.31% of Turnover in small companies to 0.05% of Turnover in large companies
up to 5,300
 
India
2010
2011-2014
In Transition
Not Required
Prohibited
N/A
Over 110,000 licensed accountants & over 53,000 audit firms
 
Ireland
2002
2005-2007
Required
Required
Permitted
0.31% of Turnover in small companies to 0.05% of Turnover in large companies
up to 24,000
 
Italy
2002
2005-2007
Required
Required
Permitted except for some small, insurance, and regulated companies
0.31% of Turnover in small companies to 0.05% of Turnover in large companies
up to 1,060,000
 
Japan
2009
2010
Permitted
Not Required
Prohibited
N/A
up to 65,000
 
Kazakhstan
2002
2004-2006
Required
Required
Required for all banks, joint stock companies, and other significant public interest companies
N/A
up to 1,500 licensed
 
Kyrgyzstan
2002
2007
Required
Required
Required
N/A
up to 1,130 licensed
 
Latvia
2002
2005-2007
Required
Required
Required for financial institutions, prohibited for others
0.31% of Turnover in small companies to 0.05% of Turnover in large companies
over 200 licensed
 
Lithuania
2002
2005-2007
Required
Required
Required for financial institutions, Permitted for others
0.31% of Turnover in small companies to 0.05% of Turnover in large companies
up to 44,000
 
Luxembourg
2002
2005-2007
Required
Required
Permitted on approval
0.31% of Turnover in small companies to 0.05% of Turnover in large companies
up to 12,000
 
Moldova
2008
2012
In Transition
Not Required
Required for financial institutions, prohibited for others
N/A
up to 1,000
 
Netherlands
2002
2005-2007
Required
Required
Permitted
0.31% of Turnover in small companies to 0.05% of Turnover in large companies
up to 407,000
 
Norway
2002
2005-2007
Required
Required
Permitted
0.31% of Turnover in small companies to 0.05% of Turnover in large companies
up to 137,000
 
Poland
2002
2005-2007
Required
Required
Required for consolidated financials of banks, permitted in consolidated financials of companies that have applied for public listing or whose parent uses IFRSs. Permitted in the separate financials of companies that have applied for public listing or whose parent uses IFRSs. Prohibited in the separate financial statements of other companies
0.31% of Turnover in small companies to 0.05% of Turnover in large companies
up to 37,000
 
Portugal
2002
2005-2007
Required
Required
Required in consolidated financials of banks and financial institutions, permitted for others. Permitted in separate company statements of a company that is within consolidated group that uses IFRSs. Prohibited for other companies.
0.31% of Turnover in small companies to 0.05% of Turnover in large companies
up to 86,000
 
Romania
2002
2005-2007
Required
Required
Required for consolidated financials of banks, permitted in consolidated financials of companies that have applied for public listing or whose parent uses IFRSs. Permitted in the separate financials of companies that have applied for public listing or whose parent uses IFRSs. Prohibited in the separate financial statements of other companies
0.31% of Turnover in small companies to 0.05% of Turnover in large companies
over 2,400 auditors & 20,000 accountants
 
Russia
2011
2012
In Transition
Not Required
Permitted in addition to Russian GAAP
5,000-140,000 USD
3,500,000
 
Serbia
2002
2004
Required
Required
Required
N/A
over 30,000
 
Slovakia
2002
2005-2007
Required
Required
Required
0.31% of Turnover in small companies to 0.05% of Turnover in large companies
up to 64,000
 
Slovenia
2002
2005-2007
Required
Required
Required for financial institutions, Permitted for others
0.31% of Turnover in small companies to 0.05% of Turnover in large companies
over 500 auditors & 40 audit firms
 
South Korea
2006
2009-2011
Required
Required
Required for financial institutions and state-owned companies, Permitted for others
N/A
over 6,400 auditors & 10,400 companies that require audits
 
Spain
2002
2005-2007
Required
Required
Permitted in consolidated statements, prohibited in separate company statements
0.31% of Turnover in small companies to 0.05% of Turnover in large companies
up to 503,000
 
Sweden
2002
2005-2007
Required
Required
Permitted in consolidated statements, prohibited in separate company statements
0.31% of Turnover in small companies to 0.05% of Turnover in large companies
up to 321,000
 
Tajikistan
2002
2004-2007
Required
Required
Required
N/A
200 licensed
 
Turkey
2005
2008
May use English IFRS or Turkish IFRS that may be behind on amendments
Required
N/A
N/A
over 64,000
 
Turkmenistan
2010
2011-2014
Required for banks from 2011, all others from 2014
Not Required
N/A
N/A
over 300 licensed
 
United Kingdom
2002
2005-2007
Required
Required
Permitted, except charities
0.31% of Turnover in small companies to 0.05% of Turnover in large companies
265,000
 
United States
2008
2011-2015
In Transition
Not Required
Permitted
0.125% to 0.13% of revenue
1,290,600
 
Uzbekistan
N/A
N/A
Prohibited
Not Required
Prohibited
N/A
over 3,500 accountants & 130 audit firms
 
 
The data provided (as available) for each country includes:
 
Legal Adoption – This is the year when the national government decided that IFRS would be the appropriate method for financial reporting.  Data were collected from several sources: IASPlus.com (IAS+); World Bank Reports on the Observance of Standards & Codes (ROSC); and PricewaterhouseCoopers LLP (PWC).
 
Effective Date(s) – This is the year or range of years when the nation required that IFRS began being used as the method for financial reporting.  This date, in comparison to the adoption date, allows for a comparison between countries that allowed the same timeframe for implementation.  Effective dates can be a range in some countries based upon the legal requirements for certain types of entities (banks, public companies, etc.) to begin IFRS reporting at different times.  Data were collected from several sources: IAS+; ROSC, and PWC.
 
IFRS for Public Companies – This indicates whether or not publicly listed companies are required to report to their nation’s regulators under IFRS.  These companies can be required, permitted, or prohibited to report under IFRS.  Some countries are “In Transition,” meaning they will be required or permitted to report to their nation’s regulators under IFRS at some point in the future.  Some countries may have special IFRS reporting requirements only for certain types of entities.  Data were collected from several sources: IAS+; ROSC; and PWC.
 
IFRS Audit for Public Companies – This indicates whether or not publicly listed companies are required to provide an audit statement to their nation’s regulators that their financial reports are in compliance with IFRS.  Some countries may have special IFRS reporting requirements for only certain types of entities, and this requirement would only extend to those types of entities.  Data were collected from several sources: IAS+; ROSC; and PWC.
 
IFRS for Other Companies – This indicates whether or not companies that are not publicly listed are required to report to their nation’s regulators under IFRS.  These companies can be required, permitted, or prohibited to report under IFRS.  Some countries may have special IFRS reporting requirements for only certain types of entities.  Data were collected from several sources: IAS+; ROSC; and PWC.
 
Cost Per Company – This is the best available data for the costs expected to be incurred by companies that are required to implement IFRS.  Data in this area were difficult to obtain, and data on early adopters were omitted from this category.  Early IFRS adopters in areas where IFRS reporting was permitted, but not required, incurred significantly more costs due to the fact that they were required to account under another accounting framework and the IFRS costs were separate and additional to those costs.  Data were collected from several individual case studies, news reports, and ifrs.org.
 
Est. № of Accounting Professionals – This data reflects the number of accounting-related individuals or entities in the labor force of each nation.  Data were collected from several sources: ROSC; the US Bureau of Labor Statistics; the National Statistical Agency of Canada; Guardian News and Media Limited; and the International Labor Office Department of Statistics (ILO).  The purpose of submitting this data is to provide MinFin with an appropriate gauge for identifying other nations with a similar amount of accounting professionals that would require IFRS training and/or that may deal with a national regulator on accounting issues. The methodology to determine these figures was to first use the sum of the explicitly stated number of registered/certified/licensed accounting professionals in ROSC reports.  If the nation did not have a World Bank ROSC, the figures were taken directly from national statistics agencies/bureaus or media reports.  If the media or national agencies/bureaus did not provide detailed data, the figures are the sum of 3 categories from the ILO’s SEGREGAT statistics database.  Under the ILO’s data, either accounting professionals were explicitly stated or the number = business professionals + business services agents and trade brokers + finance and sales associate professionals.  Because there is no way to further breakdown the number of people that will have to deal with accounting-related functions, the ILO figures are qualified as “up to” a certain amount possible.