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Thursday 04 March 2021

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New jurisdiction profiles posted: Liberia, Malawi, Namibia and Timor-Leste

 07 September 2016

We have posted new jurisdiction profiles on the use of IFRSStandards in Liberia, Malawi, Namibia and Timor-Leste. 

Our website now has profiles for 147 jurisdictions. In 122 of the 147 profiled jurisdictions (83%), IFRS Standards are required for all or most domestic publicly accountable entities (listed companies and banks). 15 of the remaining 25 either permit (rather than require) IFRS Standards or require IFRS Standards for some (but not all or most) domestic publicly accountable entities.

The new profiles show:

  • Liberia: The Liberian Institute of Certified Public Accountants (LICPA) is the official accounting standards-setting body in Liberia. The LICPA has adopted IFRS Standards and the IFRS for SMEs Standard as the accounting framework in Liberia effective 31 December 2018, with earlier application encouraged. 
  • Malawi: The Institute of Chartered Accountants in Malawi (ICAM) has adopted IFRS Standards as the applicable framework for all companies with public accountability (listed companies, financial institutions, government-owned companies, and others). ICAM has also adopted the IFRS for Small and Medium Entities Standard as the applicable framework for all companies incorporated under the Companies Act that do not have public accountability, though such entities may choose to apply full IFRS Standards. 
  • Namibia: The Institute of Chartered Accountants of Namibia (ICAN) requires IFRS Standards for all public interest entities, whether or not their securities are publicly traded. Such entities include entities that offer shares to the public; financial institutions; and entities that are economically significant on the basis of criteria such as total assets, total income, number of employees, degree of market dominance and nature and extent of external borrowings. All entities without public accountability are permitted to use the IFRS for SMEs Standard. They may also use full IFRS Standards or a national standard for small companies. The ICAN is currently reviewing the option for entities without public accountability to use the national standard.
  • Timor-Leste: Accounting standards have not yet been adopted in Timor-Leste. The Ministry of Finance is developing Timor-Leste Accounting Standards based on IFRS Standards but with modifications ‘to meet Timor-Leste’s present stage of financial and economic development’. Currently, some large state-owned enterprises and the sovereign wealth fund (Petroleum Fund of Timor-Leste) are already required to comply with IFRS Standards.  Other companies are permitted to use IFRS Standards.

Overall, the 147 profiles show:

Number of Jurisdictions
Region Jurisdictions in the region Jurisdictions that require IFRS Standards 
for all or most domestic publicly accountable entities
Jurisdictions that require IFRS Standards as % of total jurisdictions in the region Jurisdictions that permit or require IFRS Standards for at least some (but not all or most) domestic publicly accountable entities Jurisdictions that neither require nor permit IFRS Standards for any domestic publicly accountable entities
Europe 43 42 98% 1 0
Africa 23 19 83% 1 3
Middle East 12 11 92% 1 0
Asia-Oceania 32 23 72% 4 5
Americas 37 27 73% 8 2
Totals 147 122 83% 15 10
As % of 147 100% 83%   10% 7%

The view the new profiles, please click here.