|Extent of IFRS application||Status||Additional Information|
|IFRS Standards are required for domestic public companies||IFRS Standards are required for all listed companies and financial institutions, as well as for government business enterprises and public utilities.|
|IFRS Standards are permitted but not required for domestic public companies|
|IFRS Standards are required or permitted for listings by foreign companies||Required.|
|The IFRS for SMEs Standard is required or permitted||Required.|
|The IFRS for SMEs Standard is under consideration|
The Institute of Chartered Accountants (Ghana) was established by an Act of Parliament, the Chartered Accountants Act, 1963 (Act 170) . It is charged with the regulation of the accountancy profession in Ghana, including setting professional standards. It is governed by a council of eleven chartered accountants.
By having voted to adopt IFRS Standards as Ghana National Accounting Standards effective 1 January 2007, the Council of the Institute of Chartered Accountants (Ghana) publicly made a commitment for a single set of high quality global accounting standards. This commitment was reaffirmed in 2010 when the Institute adopted the IFRS for SMEs Standard.