Which countries use IFRS and which use US GAAP

Which framework a company uses depends mostly on where it is listed and where it is incorporated. This guide groups the main economies by approach, explains what "IFRS as adopted" means, and covers the cases that confuse people most, such as foreign companies listed in the United States.

By Muhammad Bilal, Chartered Accountant. Reviewed by Awais Jameel, Chartered Accountant. Checked against official sources on . 3 minute read.

Short answer

More than 140 jurisdictions require IFRS Accounting Standards for all or most listed companies, including the European Union, the United Kingdom, Canada, Australia and Saudi Arabia. The United States requires US GAAP for its own public companies but allows foreign companies listed there to use IFRS as issued by the IASB. A few large economies, such as India and China, use national standards closely based on IFRS, and Japan lets listed companies choose IFRS.

At a glance

IFRS required in
140+ jurisdictions
US public companies
US GAAP
Foreign filers in the US
IFRS as issued by the IASB allowed
India
Ind AS, converged
China
CAS, substantially converged
Japan
IFRS voluntary
Which countries use IFRS and which use US GAAPIFRS required in: 140+ jurisdictions; US public companies: US GAAP; Foreign filers in the US: IFRS as issued by the IASB allowed; India: Ind AS, converged; China: CAS, substantially converged; Japan: IFRS voluntary.KEY FACTS AT A GLANCEWhich countries use IFRS and which use US GAAPIFRS required in140+ jurisdictionsUS public companiesUS GAAPForeign filers in the USIFRS as issued by theIASB allowedIndiaInd AS, convergedChinaCAS, substantiallyconvergedJapanIFRS voluntaryChecked against official sourcesTax BakersWhich countries use IFRS and which use US GAAPIFRS required in: 140+ jurisdictions; US public companies: US GAAP; Foreign filers in the US: IFRS as issued by the IASB allowed; India: Ind AS, converged; China: CAS, substantially converged; Japan: IFRS voluntary.KEY FACTS AT A GLANCEWhich countries use IFRS and whichuse US GAAPIFRS required in140+ jurisdictionsUS public companiesUS GAAPForeign filers in the USIFRS as issued by the IASB allowedIndiaInd AS, convergedChinaCAS, substantially convergedJapanIFRS voluntaryChecked against official sourcesTax Bakers
Key facts at a glance, as set out in this guide.

Who uses what?

Who uses which frameworkWho uses which frameworkIFRS requiredIFRS as adopted locallyConverged national standardsIFRS permittedUS GAAPEuropean UnionIFRS as adopted by the EUUnited KingdomUK-adopted IFRSSaudi ArabiaEndorsed by SOCPAAustraliaAASB, IFRS-equivalentCanadaPublicly accountableSouth AfricaListed companiesIndiaInd ASChinaCASJapanVoluntary for listedPakistanAs notified by the SECPUnited Arab EmiratesIFRSUnited StatesIFRS for foreign filers
Main economies grouped by approach. Listed companies; rules for private companies differ.

According to the IFRS Foundation, more than 140 jurisdictions require IFRS Accounting Standards for all or most publicly listed companies, and the Foundation keeps profiles of how around 170 jurisdictions apply them.

What are the main approaches?

ApproachWhat it meansExamples
IFRS required, as issued or adoptedListed companies must use IFRS, sometimes after a local endorsement stepEuropean Union, United Kingdom, Canada, Australia, Saudi Arabia, South Africa, United Arab Emirates
Converged national standardsThe country writes its own standards, closely based on IFRS but with some differencesIndia (Ind AS), China (CAS)
IFRS permittedCompanies may choose IFRS instead of the local frameworkJapan for listed companies; the United States for foreign private issuers
US GAAPThe national framework is US GAAPUS domestic public companies

Country by country

JurisdictionListed companies useSince
European UnionIFRS as adopted by the EU, for consolidated statements2005
United KingdomUK-adopted international accounting standards2021, replacing EU-adopted IFRS
AustraliaAustralian standards issued by the AASB, equivalent to IFRS2005
CanadaIFRS for publicly accountable enterprises2011
Saudi ArabiaIFRS as endorsed by SOCPA2017 for listed companies
PakistanIFRS as notified by the SECP under the Companies ActPhased
IndiaInd AS, converged with IFRSPhased from 2016
ChinaChinese Accounting Standards for Business Enterprises, substantially converged2007
JapanJapanese GAAP, with IFRS allowed voluntarily2010 for voluntary IFRS
United StatesUS GAAP for domestic issuers; IFRS as issued by the IASB allowed for foreign private issuersIFRS accepted from foreign issuers since 2007

Rules for unlisted companies vary more. Many countries allow or require a simpler standard, IFRS for SMEs, or their own small-company framework.

What is the difference between IFRS and "IFRS as adopted"?

In jurisdictions with an endorsement step, a new standard applies only once the local authority has approved it. Endorsement is usually quick and almost always complete, so for most companies there is no practical difference. The gaps that do arise are mostly timing: a standard issued by the IASB may not yet be available locally for early adoption. Financial statements say which version they follow, so check the basis of preparation note.

How do foreign companies listed in the United States report?

A foreign private issuer, broadly a non-US company whose shareholders and business are mainly outside the United States, may file financial statements prepared under IFRS as issued by the IASB without reconciling them to US GAAP. If it uses its national version of IFRS or another framework, a reconciliation to US GAAP is normally required. US domestic companies must use US GAAP.

An example: one group, three frameworks

A group based in Germany has a subsidiary in Texas and one in Mumbai. Its consolidated statements, published in Frankfurt, follow IFRS as adopted by the EU. The Texas subsidiary keeps its books in US GAAP for its US lenders, and the Mumbai subsidiary files local statements under Ind AS. Each month both subsidiaries send the parent a reporting pack adjusted to the group's IFRS policies. Most of the adjustments fall in the areas covered by the key differences between IFRS and US GAAP.

Where to go next

Read what is IFRS and what is US GAAP for how each framework works.

Need help applying the standards?

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Questions people ask

How many countries use IFRS?

More than 140 jurisdictions require IFRS Accounting Standards for all or most listed companies, according to the IFRS Foundation.

Does the US allow IFRS?

For foreign private issuers, yes: they may file under IFRS as issued by the IASB. US domestic companies must use US GAAP.

Does India use IFRS?

India uses Ind AS, its own standards converged with IFRS, with some differences.

Does the UK still use IFRS after Brexit?

Yes. UK listed groups use UK-adopted international accounting standards, which replaced EU-adopted IFRS from 2021.

Sources

Every fee, date and rule on this page was taken from these official and primary sources.

  1. IFRS Foundation: Who uses IFRS Accounting Standards?
  2. IFRS Foundation: Why global accounting standards?
  3. IFRS Foundation: Jurisdiction profile, United States
  4. US Securities and Exchange Commission

Rules and fees change. If you are reading this long after October 4, 2026, confirm the figures with the source before you rely on them.

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This guide is general information. It is not tax or legal advice for your situation.