Iran-IFRS-Profile

If yes, how does that process work?
If no, how do IFRS Standards become a
requirement in the jurisdiction?
Does the jurisdiction have a formal process
for the 'endorsement' or 'adoption' of new
or amended IFRS Standards (including
Interpretations) in place?
If yes, what is the process?
If no, how do new or amended IFRS
Standards become a requirement in the
jurisdiction?
Has the jurisdiction eliminated any
accounting policy options permitted by IFRS
Standards and/or made any modifications to
any IFRS Standards?
If yes, what are the changes?
See above.
Not applicable.
No.
Not applicable.
The Audit Organisation of Iran has adopted IFRS Standards for specified
companies. Endorsement of individual new or amended IFRS Standards is not
necessary.
Yes.
The AOI has made two modifications of IFRS Standards that are optional – that
is, companies may use IFRS Standards without the modifications:
1. Goodwill is amortised over its useful life but not more than 20 years,
and also subject to write-down if impairment is indicated. Under
IFRS 3 Business Combinations, the recoverable amount of goodwill
must be measured each year and, if it is below the carrying amount,
an impairment loss must be recognised.
2. Investments in unquoted equity instruments are measured at cost,
subject to write-down if impairment is indicated. Under IFRS 9
Financial Instruments, such investments are measured at fair value.
Other comments regarding the use of IFRS
Standards in the jurisdiction?
None.
TRANSLATION OF IFRS STANDARDS
Are IFRS Standards translated into the local
language?
If they are translated, what is the
translation process? In particular, does this
process ensure an ongoing translation of
the latest updates to IFRS Standards?
IFRS Standards (‘Blue Book’) have been translated into Farsi, the national
language of Iran.
The translation follows the official IFRS Foundation translation process.
APPLICATION OF THE IFRS FOR SMEs STANDARD
Has the jurisdiction adopted the IFRS for
SMEs Standard for at least some SMEs?
If no, is the adoption of the IFRS for SMEs
Standard under consideration?
Did the jurisdiction make any modifications
to the IFRS for SMEs Standard?
If the jurisdiction has made any
modifications, what are those
modifications?
No.
Yes, it is under consideration.
Not applicable.
Not applicable.
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