Accounting Standards Around the World

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We have complied a list of the accounting standards used around the world for the 50 largest economies. This data is from March 2023 and it’s worth checking any specific country before make any key decisions as the situation may have changed.

From the list we can see is there is a move towards International Financial Reporting Standards (IFRS) with many countries fully or partially adopting IFRS and many moving towards convergence. There is currently an ongoing project to reconcile US GAAP and IFRS being undertaken by the Securities and Exchange Commission (SEC).

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Top 50 Countries by GDP and their Accounting Standards

1. United States: U.S. GAAP.
2. China: Chinese Accounting Standards (CAS), converging towards IFRS.
3. Japan: J-GAAP and IFRS for certain listed companies.
4. Germany: HGB and IFRS for public companies.
5. India: Indian Accounting Standards (Ind AS), converging towards IFRS.
6. United Kingdom: UK GAAP and IFRS.
7. France: French GAAP, aligned with IFRS.
8. Italy: Italian GAAP and IFRS for listed companies.
9. Brazil: Normative Instructions from CVM, converging towards IFRS.
10. Canada: Canadian GAAP; IFRS for public companies.
11. Russia: Russian Accounting Standards (RAS), with some IFRS adoption.
12. South Korea: Korean IFRS (K-IFRS).
13. Australia: IFRS as Australian Accounting Standards.
14. Spain: Spanish GAAP, IFRS for listed companies.
15. Mexico: Mexican Financial Reporting Standards (NIF), converging towards IFRS.
16. Indonesia: Indonesian Financial Accounting Standards (IFAS), converging towards IFRS.
17. Netherlands: Dutch GAAP and IFRS for listed companies.
18. Saudi Arabia: IFRS.
19. Turkey: Turkish Financial Reporting Standards (TFRS), similar to IFRS.
20. Switzerland: Swiss GAAP and IFRS.
21. Taiwan: Taiwan-IFRS.
22. Sweden: Swedish GAAP and IFRS.
23. Poland: Polish Accounting Standards, IFRS for public companies.
24. Belgium: Belgian GAAP, aligned with IFRS.
25. Argentina: IFRS.
26. Thailand: Thai Financial Reporting Standards (TFRS), converging towards IFRS.
27. Iran: Iranian National Accounting Standards, influenced by IFRS.
28. Austria: Austrian GAAP and IFRS.
29. Nigeria: IFRS.
30. United Arab Emirates: Primarily IFRS.
31. Norway: Norwegian GAAP and IFRS for listed companies.
32. Israel: Israeli GAAP, closely aligned with IFRS.
33. South Africa: IFRS.
34. Hong Kong: Hong Kong Financial Reporting Standards (HKFRS), similar to IFRS.
35. Ireland: Irish GAAP and IFRS.
36. Denmark: Danish GAAP and IFRS for listed companies.
37. Singapore: Singapore Financial Reporting Standards (SFRS), similar to IFRS.
38. Malaysia: Malaysian Financial Reporting Standards (MFRS), similar to IFRS.
39. Philippines: Philippine Financial Reporting Standards (PFRS), similar to IFRS.
40. Colombia: Colombian GAAP, converging towards IFRS.
41. Pakistan: Pakistani IFRS-based standards.
42. Bangladesh: Bangladesh Financial Reporting Standards (BFRS), based on IFRS.
43. Egypt: Egyptian Accounting Standards (EAS), converging towards IFRS.
44. Chile: Chilean GAAP, converging towards IFRS.
45. Finland: Finnish GAAP and IFRS.
46. Vietnam: Vietnamese Accounting Standards (VAS), moving towards IFRS.
47. Portugal: Portuguese GAAP (NCRF), aligned with IFRS.
48. Czech Republic: Czech GAAP and IFRS for public companies.
49. Romania: Romanian Accounting Standards, with IFRS for certain entities.
50. Peru: Peruvian GAAP, aligning with IFRS.