Adoption or other jurisdictional use of IFRS Standards
The objective of the IFRS Foundation is to promote and facilitate the global adoption, use and rigorous application of IFRS Accounting Standards and IFRS Sustainability Disclosure Standards (which, together with the IFRS for SMEs Accounting Standard, are collectively known as IFRS Standards), with the IFRS Standards being introduced into regulatory frameworks in a way that takes into account jurisdictional regulatory arrangements and considerations.
Each jurisdiction has its own expertise, professional and market infrastructures and regulatory arrangements. A jurisdiction’s market infrastructure and regulatory regime are likely to determine the most suitable method and approach to adopting IFRS Standards. The IFRS Foundation recommends adopting IFRS Standards fully and comprehensively in a single step. This approach will enable jurisdictions to quickly reap the benefits of aligning with global standards. The IFRS Foundation also acknowledges that in their specific circumstances, regulatory context and market readiness, some jurisdictions may need to make transition to, converge with or adopt IFRS Standards by phasing in requirements over time before they reach full alignment. Some jurisdictions may choose to permit the use of IFRS Standards or may initially, in the absence of a regulatory decision, make the IFRS Standards available in the jurisdiction to build awareness.
The IFRS Foundation has developed materials and guidance to support jurisdictions in their decision-making in relation to the adoption process, providing detailed information that jurisdictional authorities should consider when making plans related to the adoption or use of IFRS Standards. These materials include:
- IFRS Foundation Adoption Guide (2013);
- The jurisdictional journey towards globally comparable information for capital markets—Inaugural Jurisdiction Guide for the adoption or other use of ISSB Standards; and
- Regulatory Implementation Programme Outline.
Some methods and approaches to adoption or use of IFRS Standards will require jurisdictional authorities to translate or reproduce the content of IFRS Standards, for which they will need to obtain a licence from the IFRS Foundation. Therefore, jurisdictional authorities considering adoption or use of IFRS Standards in their jurisdiction will need to consider whether their chosen approach to adoption will require a licence.
Licensing
Protection of the IFRS Foundation’s intellectual property is essential to maintaining the reputation of IFRS Standards, supporting their global use and recognition and advancing the IFRS Foundation’s mission.
IFRS Standards and their translations are available from the IFRS Foundation’s website and their private or professional use is permitted worldwide. Users are permitted to refer to IFRS Standards when discussing or advising others but are not permitted to reproduce IFRS Standards or provide them to others. Any use requiring reproduction, translation, editing or distribution of IFRS Standards in whole or in part will require a separate permission or licence from the IFRS Foundation.
The IFRS Foundation owns the exclusive right to authorise jurisdictional authorities to reproduce IFRS Standards, to translate IFRS Standards or to use, build from or refer to IFRS Standards for the development of local standards. The IFRS Foundation offers a variety of intellectual property agreements, each based on the legal framework surrounding a jurisdiction’s method and approach to adoption and language requirements. For more information, please refer to the Licensing Policy for Reproduction and Translation of IFRS Standards for Adoption (2023).
The IFRS Foundation has a team dedicated to working with jurisdictional authorities on translation and licensing to facilitate the process of adopting or otherwise using IFRS Standards. The IFRS Foundation strongly encourages jurisdictions to contact the Translation, Adoption and Copyright team to discuss the requirements regarding the use of the IFRS Foundation’s intellectual property and/or trade marks. Jurisdictions are advised to do so before finalising plans for the use of the IFRS Foundation’s intellectual property and brand and before issuing a roadmap towards the adoption or other use of IFRS Standards.
