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January 16, 2015

Iran eyes IFRS adoption by 2016

Iranian listed companies, approximately 500, will have to prepare their financial statements under IFRS from 2016 onwards, local practitioners told The Accountant.

A circular from the Tehran Stock exchange, seen by The Accountant, states that listed companies should comply with the international standards from the Iranian year 1395, which is financial year 2016 according to the Gregorian calendar.

Abbas Vafadar, who is the managing partner of Iranian audit firm Azmoon Pardaz, said the profession in Iran has pushed hard for the adoption of IFRS during the last years.

Saeed Jamshidi Fard, chairman of a national investment firm and an accountant member of one of the national professional bodies, said at the moment some listed companies use IFRS on a voluntary basis, with certain amendments to adapt to the local market.

The move is expected to increase the demand for IFRS training in the country. The ACCA head of Northern Gulf Anis Motorwala said that’s a positive indicator for IFRS-based qualifications.

Find out more about the accounting industry in Iran reading The Accountant’s country surveys

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