Adoption of IFRS by country (2024)

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• European Union formally adopts amendments to IFRS 16

• 21 Nov 2023

• The European Union has published a Commission Regulation endorsing 'Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)' issued by the IASB in September 2022.

• European Union formally adopts amendments to IAS 12

• 09 Nov 2023

• The European Union has published a Commission Regulation endorsing 'International Tax Reform — Pillar Two Model Rules (Amendments to IAS 12)' issued by the IASB in May 2023.

• European Union formally adopts amendments to IFRS 17

• 09 Sep 2022

• The European Union has published a Commission Regulation endorsing 'Initial Application of IFRS 17 and IFRS 9 — Comparative Information (Amendment to IFRS 17)' issued by the IASB in December 2021.

• European Union formally adopts amendments to IAS 12

• 12 Aug 2022

• The European Union has published a Commission Regulation endorsing 'Deferred Tax related to Assets and Liabilities arising from a Single Transaction' issued by the IASB in May 2021.

• European Union formally adopts amendments to IAS 1 and IAS 8

• 03 Mar 2022

• The European Union has published a Commission Regulation endorsing 'Disclosure of Accounting Policies' and 'Definition of Accounting Estimates' issued by the IASB in February 2021.

• European Union adopts IFRS 17 — with annual cohort exemption

• 23 Nov 2021

• The European Union has published a Commission Regulation endorsing IFRS 17 'Insurance Contracts', albeit with an exemption regarding the annual cohort requirement.

• European Union formally adopts extended practical relief regarding COVID-19-related rent concessions

• 31 Aug 2021

• The European Union has published a Commission Regulation endorsing 'Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16)' issued by the IASB in March 2021.

• European Union formally adopts May 2020 amendments

• 02 Jul 2021

• The European Union has published a Commission Regulation endorsing four pronouncements issued by the IASB in May 2020.

• Japan updates list of 'designated' IFRSs

• 08 Jun 2021

• The Financial Services Agency (FSA) of Japan has announced that additional IFRSs issued up until 31 March 2021 were designated for use by companies voluntarily applying IFRSs in Japan.

• EFRAG issues final endorsem*nt advice on IFRS 17 including June 2020 amendments

• 31 Mar 2021

• The European Financial Reporting Advisory Group (EFRAG) has submitted final endorsem*nt advice on IFRS 17 ‘Insurance Contracts’ including the June 2020 amendments to the European Commission.

• Adoption of principles-based accounting in Korea

• 17 Mar 2021

• In 2011, Korea moved from rules-based accounting to IFRSs and their principles-based approach and faced unexpected challenges. The Korea Accounting Standards Board (KASB) has now published an English language summary of the 2020 publication 'Principles-based Accounting: We must strike flint to start fire'.

• EFRAG publishes draft endorsem*nt advices on disclosure of accounting policies and definition of accounting estimates

• 15 Mar 2021

• EFRAG has published draft endorsem*nt advices on ‘Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)’ and ‘Definition of Accounting Estimates (Amendments to IAS 8).’

• ESMA supports endorsing IFRS 17 in its current form

• 29 Jan 2021

• The European Securities and Markets Authority (ESMA) has commented on the European Financial Reporting Advisory Group's (EFRAG) draft endorsem*nt advice on IFRS 17 'Insurance Contracts'.

• European Union formally adopts IBOR 2 amendments

• 14 Jan 2021

• The European Union has published a Commission Regulation endorsing 'Interest Rate Benchmark Reform — Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16)'.

• IFRS 17 adoption progresses around the world

• 30 Dec 2020

• China, the second largest insurance market in the world, has decided to adopt IFRS 17 over a three year transition period. Saudi Arabia has adopted the IFRS 17 amendments issued in June 2020 and India is consulting on the adoption of them.

• European Union formally adopts IFRS 4 amendments regarding the temporary exemption from applying IFRS 9

• 16 Dec 2020

• The European Union has published a Commission Regulation endorsing 'Extension of the Temporary Exemption from Applying IFRS 9 (Amendments to IFRS 4)'.

• European Union formally adopts IFRS 16 amendments regarding COVID-19-related rent concessions

• 12 Oct 2020

• The European Union has published a Commission Regulation endorsing 'Covid-19-Related Rent Concessions (Amendment to IFRS 16)'.

• EFRAG draft endorsem*nt advice on IFRS 17 now available

• 30 Sep 2020

• As reported earlier, the Board of the European Financial Reporting Advisory Group (EFRAG) agreed to publish positive a draft endorsem*nt advice (DEA) on IFRS 17 'Insurance Contracts' in a public meeting on 10 September 2020, however, the actual document itself was still outstanding.

• EFRAG agrees on draft endorsem*nt advice on IFRS 17

• 10 Sep 2020

• In a public meeting, the Board of the European Financial Reporting Advisory Group (EFRAG) agreed today to publish positive a draft endorsem*nt advice (DEA) on IFRS 17 'Insurance Contracts'.

• EFRAG publishes draft endorsem*nt advice on IBOR amendments

• 28 Aug 2020

• EFRAG has published draft endorsem*nt advice on 'Interest Rate Benchmark Reform – Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16)' published yesterday.

• Japan updates list of 'designated' IFRSs, includes recent IFRS 16 amendment

• 14 Jul 2020

• The Financial Services Agency (FSA) of Japan has announced that additional IFRSs issued up until 31 May 2020 were designated for use by companies voluntarily applying IFRSs in Japan.

• European Union formally adopts IFRS 3 amendments regarding the definition of a business

• 22 Apr 2020

• The European Union has published a Commission Regulation endorsing 'Definition of a Business (Amendments to IFRS 3)'.

• Japan updates list of 'designated' IFRSs

• 20 Mar 2020

• The Financial Services Agency (FSA) of Japan has announced that additional IFRSs issued up until 31 December 2019 were designated for use by companies voluntarily applying IFRSs in Japan.

• European Union formally adopts IBOR amendments

• 16 Jan 2020

• The European Union has published a Commission Regulation endorsing 'Interest Rate Benchmark Reform (Amendments to IFRS 9, IAS 39 and IFRS 7)'.

• EFRAG notes possible EU endorsem*nt of IBOR amendments "by mid-January"

• 08 Jan 2020

• The European Financial Reporting Advisory Group (EFRAG) has published an updated endorsem*nt status report to provide additional guidance on when endorsem*nt of the two amendments to IFRSs that became effective on 1 January 2020 but have not been endorsed for use in the European Union yet might be expected.

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