Global Standards for the world economy

Monday 24 February 2020

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Updated IFRS profiles for Russia, South Korea, Ukraine, USA

 24 May 2016

We have updated four jurisdiction profiles on the use of IFRS Standards as follows:

  • Russia: The update reflects the elimination of US GAAP as an accounting option, clarifies the scope of companies required to use IFRS Standards, and adds links to underlying laws and regulations.
  • South Korea: The update explains that some disclosures have been added to the requirements in IFRS 15 Revenue from Contracts with Customers and several related Standards. Those disclosures do not affect full compliance with IFRS Standards as issued by the International Accounting Standards Board (the Board). Also updated email contacts..
  • Ukraine: Updated email contacts..
  • United States: The update reflects (a) the action of the AICPA Council to extend the designation of the Board as a recognised standard-setter and (b) issuance of the AICPA’s financial reporting framework for privately held small- and medium-sized entities (called the ‘FRF for SMEs’).

For more information visit the jurisdiction profiles page.

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