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IFRS use around the world

Analysis of the IFRS profiles for the IFRS for SMEs Standard

To assess progress toward the goal of global accounting standards, the IFRS Foundation is developing profiles of application of IFRS Standards in individual jurisdictions. View the jurisdiction profiles.

The following observations relate to the information in the 150 profiles currently posted concerning adoption of the IFRS for SMEs Standard.

Is the IFRS for SMEs Standard required or permitted?

Number of jurisdictions
IFRS for SMEs Standard is required or permitted 85
IFRS for SMEs Standard is currently under consideration 11
IFRS for SMEs Standard is not used or under consideration 54
Total 150

Which jurisdictions require or permit the IFRS for SMEs Standard?

The 85 jurisdictions that require or permit the IFRS for SMEs Standard are:

Anguilla, Antigua and Barbuda, Argentina, Armenia, Azerbaijan, Bahamas, Bahrain, Bangladesh, Barbados, Belize, Bermuda, Bhutan, Bosnia and Herzegovina, Botswana, Brazil, Cambodia, Cayman Islands, Chile, Colombia, Costa Rica, Dominica, Dominican Republic, Ecuador, El Salvador, Fiji, Gambia, Georgia, Ghana, Grenada, Guatemala, Guyana, Honduras, Hong Kong, Kazakhstan, Iraq, Ireland, Israel, Jamaica, Jordan, Kenya, Kosovo, Lesotho, Liberia, Macedonia, Madagascar, Malawi, Malaysia, Maldives, Mauritius, Montserrat, Myanmar, Namibia, Nicaragua, Nigeria, Pakistan, Palestine, Panama, Paraguay, Peru, Philippines, Qatar, Rwanda, Saint Lucia, Saudi Arabia, Serbia, Sierra Leone, Singapore, South Africa, Sri Lanka, St Kitts and Nevis, St Vincent and the Grenadines, Suriname, Swaziland, Switzerland, Tanzania, Trinidad & Tobago, Uganda, Ukraine, United Arab Emirates, United Kingdom, Uruguay, Venezuela, Yemen, Zambia, and Zimbabwe.

What accounting framework choices do SMEs have?

For the 85 jurisdictions that require or permit the IFRS for SMEs Standard, SMEs may choose the accounting framework to adopt as follows:

Number of jurisdictions
SMEs not required to use full IFRS Standards are required to use the IFRS for SMEs Standard 4
SMEs may choose the IFRS for SMEs Standard or full
IFRS Standards
SMEs may choose the IFRS for SMEs Standard, full IFRS Standards or other GAAP for SMEs 23
SMEs may choose the IFRS for SMEs Standard or local GAAP for SMEs 2
Total IFRS for SMEs Standard required or permitted 85

What modifications have jurisdictions made to the 

IFRS for SMEs Standard?

The following table describes the nature and extent of modifications made by jurisdictions that require or permit the IFRS for SMEs Standard:

Number of jurisdictions Which jurisdictions?
Made no modifications to the IFRS for SMEs Standard 78 All except those noted below
Made some significant modifications in adopting the IFRS for SMEs Standard, including adding in options allowed under full IFRS Standards that are not allowed in the IFRS for SMEs Standard. Details can be found in the Ireland and United Kingdom profiles 2 Ireland and United Kingdom
Did not adopt Section 31 Hyperinflation for SMEs because hyperinflation is not an issue domestically 1 Bangladesh
Does not require the statements of cash flows or changes in equity in separate financial statements prepared using the IFRS for SMEs Standard 1 Bosnia and Herzegovina
Modified the accounting requirements for property development activities 1 Malaysia
Permits capitalisation of borrowing costs 2 Pakistan and Uruguay
Total IFRS for SMEs Standard required or permitted 85


This page was last updated on 30 March 2017.

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Paul Pacter
Former Board member and project manager