Global Standards for the world economy

Tuesday 11 December 2018

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IFRS Standards adoption and copyright

Methods of adoption


Single step adoption

 

The IFRS Foundation recommends transition to IFRS Standards in a single step, which can be done in two ways:

 

Option 1 Option 2
IFRS Standards will be published as law in the Official Gazette in print and online to allow free access and distribution within your jurisdiction.



Resolution in law without reproducing IFRS Standards in the legislation (this is known as adoption by reference). A jurisdiction using this model of adoption should consider how its constituents will access the Standards in order to apply it appropriately.

Which contract do you need? Which contract do you need?
You will need a Copyright waiver agreement. More details are also available in the Frequently Asked Questions page.





A contract will be necessary for any translation or distribution of IFRS Standards. Distribution models include the licensing for print or electronic reproduction, or purchasing bulk orders from the Foundation for onward sale to constituents. More details are available in the Frequently Asked Questions page.

 

Are you converging?

 

Short-term convergence that facilitates adoption over a transitional period can be an acceptable method of making the transition to IFRS adoption. The modification of Standards conflicts with the aim of a single set of high quality accounting standards that are globally accepted. Accordingly, convergence should be a means of making the transition to full adoption of IFRS Standards, and not an end in itself.

 

Convergence

Permission from the Foundation for the use of IFRS Standards in local standards is required.

No claims of equivalence with IFRS Standards may be made during the convergence process, and the converged local standards may not be referred to as IFRS Standards.

Distribution of the local standards will be restricted to the converging jurisdiction.

Which contract do you need?

You will need a licence to use IFRS materials in local standards (this is known as Licence for use). More detail are available in the Frequently Asked Questions page.

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