Financial reporting, auditing and ethics requirements

Australian Accounting Standards

Standard setter: Australian Accounting Standards Board

Financial reporting in Australia is based on IFRS for all companies that are ‘Reporting Entities’. This includes all companies whose shares are publicly traded (listed companies). IFRS have been adopted in Australia since 1 January 2005.

An explicit and unreserved statement about compliance with IFRS is included in all listed company financial reports.

Australian Auditing Standards

Standard setter: Australian Auditing and Assurance Standards Board

Australian Auditing Standards (ASAs) issued by the Auditing and Assurance Standards Board conform with International Standards on Auditing (ISAs). Amendments are made to ASAs as necessary to accommodate the local regulatory/statutory environment.

APES 110 Code of Ethics for Professional Accountants

Standard setter: Australian Professional and Ethical Standards Board

APES 110 Code of Ethics for Professional Accountants incorporates the Code of Ethics for Professional Accountants (IESBA Code) and contains some additional Australian definitions and paragraphs.

Chinese Accounting Standards for Business Enterprises

Standard setter: The Accounting Regulatory Department of the Ministry of Finance

China has developed and issued national accounting standards, Chinese Accounting Standards for Business Enterprises (ASBEs), which are substantially converged with IFRS. The Chinese Ministry of Finance has released a roadmap for continuing convergence of ASBEs with IFRS that confirms that the ASBEs will be revised and improved in accordance with the revision and improvement of IFRS.

An explicit and unreserved statement about compliance with IFRS is not included in all listed company financial reports.

Chinese Standards of Audit

Standard setter: Chinese Auditing Standards Board

The Chinese Institute of Certified Public Accountants (CICPA) uses ISAs in developing and issuing the Chinese Auditing Standards. The Chinese Standards on Auditing (CSAs) achieved convergence with ISAs in November 2010.

CICPA Code of Ethics

Standard setter: Chinese Institute of Certified Public Accountants

The CICPA Code of Ethics, which was converged with the IESBA Code of Ethics as of October 2009, came into effect on 1 July 2010.

Hong Kong Financial Reporting Standards

Standard setter: Hong Kong Institute of Certified Public Accountants

Hong Kong Financial Reporting Standards (HKFRS) are fully converged with IFRS.

An explicit and unreserved statement about compliance with IFRS is not included in all listed company financial reports.

Hong Kong Standards on Auditing

Standard setter: Hong Kong Institute of Certified Public Accountants

The Hong Kong Institute of Certified Public Accountants (HKICPA) has issued HKSAs that are aligned with the clarified ISAs.

HKICPA Code of Ethics for Professional Accountants

Standard setter: Hong Kong Institute of Certified Public Accountants

The HKICPA Code of Ethics for Professional Accountants is based on the IESBA Code of Ethics. Part D of the HKICPA Code of Ethics provides additional guidance to members to reflect local circumstances.

Indonesian Financial Accounting Standards (Standar Akuntansi Keuangan – SAK)

Standard setter: The Indonesian Financial Accounting Standards Board (Dewan Standar Akuntansi Keuangan - Ikatan Akuntan Indonesia (DSAK IAI))

Indonesia has not adopted IFRS.

Indonesia has made a public commitment to support IFRS. As part of this commitment the Indonesian Financial Accounting Standards Board is currently progressing with the second phase of its IFRS convergence process.

An explicit and unreserved statement about compliance with IFRS is not included in all listed company financial reports.

Indonesian Public Accountant Professional Standards

Standard setter: Institut Akuntan Publik Indonesia

Indonesian Public Accountant Professional Standards are based on extant ISAs issued by the International Auditing and Assurance Standards Board. The Institut Akuntan Publik Indonesia (IAPI) is currently undertaking a project to translate the standards into Bahasa Indonesia.

Code of Ethics for Professional Accountants

Standard setter: Institut Akuntan Publik Indonesia

The Code of Ethics for Professional Accountants issued by the IAPI is based on the IESBA Code of Ethics as stated in the IFAC Handbook – 2008 edition. The IAPI Code of Ethics applies to public accountants but not to professional accountants in business.

Malaysian Financial Reporting Standards 

Standard setter: Malaysian Accounting Standards Board

The Malaysian Accounting Standards Board (MASB) has issued the Malaysian Financial reporting Standards (MFRS), which are identical to IFRS.

The application of MFRS is mandatory for all entities other than those entities that meet the definition of private entities. In addition, Transitioning Entities are only required to migrate to the MFRS framework from 1 January 2018. Transitioning Entities are entities that are subject to the application of MFRS 141 Agriculture (identical to IAS 41 Agriculture) and/or Malaysian Interpretation 15 Agreements for Construction of Real Estate (identical to IFRIC 15 Agreements for the Construction of Real Estate).

An explicit and unreserved statement about compliance with IFRS is included in all listed company financial reports, with the exception of Transitioning Entities.

Malaysian approved standards on auditing

Standard setter: Auditing and Assurance Standards Board 
A FUNCTIONALLY INDEPENDENT BOARD OPERATING UNDER THE AUSPICES OF THE MALAYSIAN INSTITUTE OF ACCOUNTANTS (MIA)

The Auditing and Assurance Standards Board adopts ISAs as drafted with minimal amendments for the Malaysian context.

By-laws (on professional ethics, conduct and practice) of the Malaysian Institute of Accountants

Standard setter: Ethics Standards Board
A FUNCTIONALLY INDEPENDENT BOARD OPERATING UNDER THE AUSPICES OF MIA

The Ethics Standards Board has adopted the IESBA Code of Ethics with some deletions and additions to ensure consistency with Malaysian regulatory and legislative frameworks, and to suit the Malaysian environment.

NZ International Financial Reporting Standards 

Standard setter: New Zealand Accounting Standards Board
A COMMITTEE OF THE EXTERNAL REPORTING BOARD (XRB)

New Zealand has adopted IFRS as NZ International Financial Reporting Standards (NZ IFRS) for all listed companies and some other categories of for-profit companies.

An explicit and unreserved statement about compliance with IFRS is included in all listed company financial reports,

International Standards on Auditing NZ

Standard setter: New Zealand Auditing and Assurance Standards Board
A COMMITTEE OF THE XRB

The New Zealand Auditing and Assurance Standards Board (NZAuASB) issues International Standards on Auditing (New Zealand) (ISA NZ) that are consistent with revised and clarified ISAs.

Code of Ethics for Assurance Practitioners

Standard setter: New Zealand Auditing and Assurance Standards Board
A COMMITTEE OF THE XRB

Professional and Ethical Standard 1 issued by the NZAuASB is based on the IESBA Code of Ethics and applies to assurance practitioners in New Zealand. 

Other accountants who are members of CPA Australia are required to comply with the APES 110 Code of Ethics for Professional Accountants which incorporates the IESBA Code of Ethics. Accountants who are members of Chartered Accountants in Australia and New Zealand are required to comply with a Code of Ethics that is based on the IESBA Code of Ethics.

Singapore Financial Reporting Standards

Standard setter: Accounting Standards Council

Singapore has developed and issued Singapore Financial Reporting Standards (SFRS) which are the same as IFRS, except for IFRIC 2 which has not been adopted, and INT FRS 115 (IFRIC 15) which includes a note not included in IFRIC 15. Several modifications have also been made to SFRS, primarily to transition provisions and effective dates of IFRS. 

For annual periods beginning on or after 1 January 2018, Singapore listed companies will be required to apply a financial reporting framework that is identical to IFRS.

An explicit and unreserved statement about compliance with IFRS is not included in all listed company financial reports. The requirement is for local companies to use SFRS and foreign companies can apply SFRS, IFRS or Generally Accepted Accounting Principles (US GAAP).

Singapore Standards on Auditing

Standard setter: Auditing and Assurance Standards Committee
ENDORSED BY THE PUBLIC ACCOUNTANTS OVERSIGHT COMMITTEE, ESTABLISHED UNDER THE ACCOUNTANTS ACT TO ASSIST THE ACCOUNTING AND CORPORATE REGULATORY AUTHORITY (ACRA)

The ISAs as issued by the International Auditing and Assurance Standards Board (IAASB) are adopted as Singapore Standards on Auditing (SSAs), with modifications to reflect local legal requirements where appropriate.

ACRA Enhanced Code of Professional Conduct and Ethics and ISCA Code of Professional Conduct and Ethics

Standard setter: Accounting and Corporate Regulatory Authority and Institute of Singapore Chartered Accountants (ISCA)

The Ethics Pronouncement 100 Code of Professional Conduct and Ethics issued by ISCA is modelled on the IESBA Code of Ethics and is applicable to ISCA members and public accountants who must hold ISCA membership.

ACRA Code of Professional Conduct and Ethics is applicable to all Public Accountants and Accounting Entities. It is issued by ACRA and incorporates parts A and B of the IESBA Code of Ethics.

Vietnamese Accounting Standards

Standard setter: Ministry of Finance

Vietnam has not adopted IFRS.

In accordance with Accounting Law, the Ministry of Finance (MOF) takes IFRS into account when developing and issuing Vietnamese Accounting Standards (VAS).

An explicit and unreserved statement about compliance with IFRS is not included in all listed company financial reports.

Vietnamese Standards of Auditing

Standard setter: Ministry of Finance

The MOF issued Circular No. 214 in December 2012 with 37 Vietnamese Standards of Auditing (VSAs) that are aligned with the ISAs. These are effective for audit reports issued after 1 January 2014.

Vietnamese professional ethics standards

Standard setter: Accounting and Corporate Regulatory Authority and Institute of Singapore Chartered Accountants

The MOF issued Circular No. 70/2015/TT-BTC in August 2015 with Vietnamese professional ethics standards which are based on the IESBA Code of Ethics with modifications