Adoption History


The ICAG issued Ghana National Accounting Standards (GAS) in the late 1990s, some of which became effective in 1997 and others in 1999. These national standards were based on International Accounting Standards effective in mid- 1990s (World Bank, 2004, P8). The World Bank noted in its assessment that the GAS’ were outdated and lacked any compliance with IFRS. In line with the World Bank recommendations, in January 2007 Mr. Kwadwo Baah-Wiredu, Minister of Finance and Economic Planning of Ghana, formally announced the launching of Ghana's adoption of IFRSs and the subsequent replacement of the local GASs in a speech (Ministry of Finance and Economic Planning, 2007). As noted in a 2007 United Nations Conference on Trade and Development report, IFRSs became applicable for all listed companies, government business enterprises, banks, insurance companies, securities brokers, pension funds, and public utilities (eStandardsForums, 2007). As of 2007 IFRS is required for all unlisted banks, utilities, brokerage, insurance, government-owned businesses. IFRSs will be required for all other unlisted entities starting 2009 (Deloitte, 2008).
Ministry of Finance and Economic Planning. (2007). Adoption of IFRSRetrieved December 20, 2008 from

World Bank. (2005). ROSC-Accounting and Auditing: Ghana.
eStandardsForums. (2007). IFRS: Ghana. Retrieved December 20, 2008 from
 Deloitte & Touche. (2008). Use of IFRS by Jurisdiction: Ghana. Retrieved December 20, 2008 from