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Global Accounting standards
Here is a breakdown of the primary accounting standards used in major countries where English and Simplified Chinese are official or predominant languages.
While many countries have their own local standards, the International Financial Reporting Standards (IFRS) heavily influence or serve as the direct foundation for most global accounting systems outside of the United States.
Back to homepageCountries Using the English Language
English is an official or primary business language in many of the world's largest economies. Their accounting frameworks generally fall into two categories: fully adopting IFRS, or maintaining a distinct local Generally Accepted Accounting Principles (GAAP).
| Country | Primary Accounting Standard(s) | Notes |
|---|---|---|
| United States | US GAAP (Generally Accepted Accounting Principles) | Issued by the FASB. It is a rules-based system distinct from the principles-based IFRS, though the two boards work to minimize differences. |
| United Kingdom | UK GAAP and UK-adopted IFRS | Publicly listed companies use UK-adopted IFRS. Private companies typically use FRS 102 (The Financial Reporting Standard applicable in the UK and Republic of Ireland). |
| Canada | Canadian GAAP (IFRS and ASPE) | Publicly accountable enterprises must use IFRS. Private companies can choose IFRS or ASPE (Accounting Standards for Private Enterprises). |
| Australia | AAS (Australian Accounting Standards) | Issued by the AASB. These standards are fully equivalent to IFRS for for-profit entities, with some modifications for the not-for-profit and public sectors. |
| New Zealand | NZ GAAP (NZ IFRS) | Based entirely on IFRS, adapted by the External Reporting Board (XRB) with specific tiers for different sizes and types of entities. |
| India | Ind AS (Indian Accounting Standards) | Ind AS is largely converged with IFRS but contains some specific carve-outs (modifications) to suit the Indian economic environment. Smaller entities use the older Indian GAAP. |
| Singapore | SFRS(I) and FRS | Singapore Financial Reporting Standards (International) are fully converged with IFRS. Smaller private entities may use the FRS for Small Entities. |
Countries Using Simplified Chinese
Simplified Chinese is primarily used in Mainland China and Singapore. (Note: Hong Kong and Taiwan use Traditional Chinese and have their own distinct accounting standards, HKFRS and Taiwan IFRS, respectively).
| Country/Region | Primary Accounting Standard(s) | Notes |
|---|---|---|
| Mainland China | CAS (Chinese Accounting Standards) | Also known as PRC GAAP. Issued by the Ministry of Finance. CAS is substantially converged with IFRS, but it retains certain specific rules tailored to China's unique economic, legal, and regulatory environment (for example, specific rules for state-owned enterprises). |
| Singapore | SFRS(I) and FRS | As an official language alongside English, business in Singapore can be conducted in Simplified Chinese, though financial reporting to the government is standardly done in English using SFRS frameworks. |