Iran-IFRS-Profile

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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. Copyright © IFRS Foundation 4
Which SMEs use the IFRS for SMEs Standard in the jurisdiction, and are they required or permitted to do so? For those SMEs that are not required to use the IFRS for SMEs Standard, what other accounting framework do they use? Other comments regarding use of the IFRS for SMEs Standard? All SMEs are required to use Iranian National Accounting Standards. Not applicable. None. Copyright © IFRS Foundation 5
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Page 3: If YES, are IFRS Standards REQUIRED

Iran-IFRS-Profile

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