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Adoption of IFRS by country

Background

This page summarises recent news and other information related to the adoption of IFRSs in individual jurisdictions.

Our full summary of the current status of the adoption of IFRS for each jurisdiction can be found our use of IFRSs by jurisdiction page.  Summaries of the use of IFRSs by jurisdiction and  use of IFRSs by listed entities in member organisations of the G20 is also available.

More detailed information about the adoption of IFRSs in a particular jurisdiction can be found on our individual jurisdiction pages.

Jurisdictions where IFRS is currently being considered

Countries currently considering adopting IFRSs include:

Related news

  • Conference on IFRS adoption and implementation in former Soviet republics in Europe and Central Asia

  • May 16, 2013

  • International Federation of Accountants (IFAC), International Auditing and Assurance Standards Board (IAASB), and International Accounting Standards Board (IASB) are holding a two-day conference on 16-17 May 2013 to bring together representatives from national organisations of former Soviet republics in Europe and Central Asia. The event provides experiences regarding the application of International Financial Reporting Standards (IFRS), International Standards on Auditing (ISAs), and quality assurance requirements. Also, it provides representatives a forum to discuss topics relating to their jurisdiction.

  • US SEC Chair discusses regulation in a global context

  • May 05, 2013

  • In a speech given recently to the Investment Company Institute (ICI) in Washington, US Securities and Exchange Commission (SEC) Chair, Mary Jo White, has given a broad analysis of the impact of globalisation on regulation. In relation to accounting standards, Ms White highlights the need to "accommodate different but equally legitimate financial reporting standards".

  • ACCA research report explores benefits of IFRS convergence in China

  • Apr 19, 2013

  • The Association of Chartered Certified Accountants (ACCA) has published a report summarising research on the impacts of the convergence with International Financial Reporting Standards (IFRS) in China. The report finds that IFRS convergence in China has been beneficial where companies have had appropriate legal, governance and commercial incentives to provide high-quality disclosures.

  • Japan's Business Accounting Council meets to resume discussions on IFRS

  • Mar 26, 2013

  • Japan’s Business Accounting Council (BAC) met on 26 March 2013 to resume its deliberations about the use of International Financial Reporting Standards (IFRSs) in Japan. The meeting was the first to address IFRSs since Japan’s December 2012 general election, with a renewed composition of the BAC (approximately 10 out of 30 council members have been changed). There was no consensus at the meeting, and the BAC is expected to continue deliberations at future meetings.

  • The Korean experience with IFRS adoption

  • Mar 20, 2013

  • The Korean Accounting Standards Board (KASB) has released a report on the lessons learned from Korea's adoption of International Financial Reporting Standards (IFRS). The report outlines the history of Korea's adoption of IFRS, the steps undertaken in preparation for and during the transition to IFRS, and recommendations for other countries considering adopting IFRS.

  • IASB chairman encourages Indonesia to fully adopt IFRSs

  • Mar 18, 2013

  • Hans Hoogervorst, Chairman of the International Accounting Standards Board (IASB), recently spoke at an international seminar on “IFRS Dynamics 2013 and Beyond: Impact to Indonesia” organised by the Indonesian Institute of Accountants (Ikatan Akuntan Indonesia, IAI). He encouraged Indonesia that currently follows a gradual convergence process to fully embrace IFRSs.

  • EU formally adopts amendments to IFRS 1

  • Mar 05, 2013

  • The European Union has published a Commission Regulation endorsing the amendments to IFRS 1 regarding government loans published by the IASB on 13 March 2012.

  • SOCPA approves IFRS transition plan

  • Feb 28, 2013

  • The Saudi Organization for Certified Public Accountants (SOCPA) has approved an IFRS transition plan. The plan involves converging their national standards with full IFRSs and have all non-publicly accountable entities be required to report under the IFRS for SMEs.

  • Australian analysis of the usefulness of IFRS financial statements

  • Feb 25, 2013

  • CPA Australia has posted to its website a paper by former IASB member Warren McGregor evaluating the criticisms that have been levelled at IFRS financial statements by CFOs and others in and outside of Australia and seeking to defend the usefulness of IFRS financial statements.

  • Hans Hoogervorst addresses consistency in financial reporting

  • Jan 25, 2013

  • IASB Chairman Hans Hoogervorst gave a speech at the Cass Business School in London, on the search for consistency in financial reporting standards. In his speech, he outlines five ways that the IASB is helping to promote a more consistent application of IFRS.

  • Colombian Government confirms deferral of IFRS adoption

  • Jan 04, 2013

  • In September 2012, the Colombian Government announced that it would defer mandatory IFRS application to 2015 in reaction to many submissions received that point at difficulties regarding the implementation of IFRSs. The deferral was now confirmed by publishing corresponding decrees in the Official Journal.

  • Japan 'designates' additional IFRSs

  • Dec 30, 2012

  • On 28 December 2012, the Financial Services Agency of Japan announced that additional IFRSs were designated for use by companies voluntarily applying IFRSs in Japan.

  • EU formally adopts various new or amended IFRSs and IFRIC 20

  • Dec 29, 2012

  • The European Union has published Commissions Regulations endorsing the "package of five" standards on consolidation (IFRS 10, IFRS 11, IFRS 12, IAS 27 (2011) and IAS 28 (2011)), IFRS 13, IFRIC 20, and amendments to IFRS 1 (hyperinflation and fixed dates), IAS 12 (recovery of underlying assets) and IFRS 7/IAS 32 (offsetting). The "package of five" standards come with a European effective date of 1 January 2014. However, early application is permitted.

  • Australian standard setter reveals split views on investment entities

  • Dec 21, 2012

  • The Australian Accounting Standards Board (AASB) has released an exposure draft outlining its proposals of how to implement the IASB's investment entities amendments in the Australian context. The exposure draft proposes the use of additional disclosure, but notes "AASB members were split between the... options when considering how best to proceed". The exposure draft outlines two alternate views, including one which could lead to the investment entities amendments not being adopted in Australia.

  • Highlights from the AASB December 2012 meeting

  • Dec 17, 2012

  • The Australian Accounting Standards Board (AASB) has released the Action Alert from its meeting held on 12-13 December 2012. Highlights include further discussion on the AASB's approach to the IASB's investment entities amendments, an agreement to withdraw an Australia-specific Interpretation on substantive enactment of tax bills, and consideration of research on differential reporting. The AASB also considered various IASB projects and public sector and not-for-profit matters.

  • Canada provides guidance on timing of disclosures on new and revised IFRSs

  • Dec 14, 2012

  • The Accounting Standards Board of Canada (AcSB) has issued proposed amendments to the Preface to the CICA Handbook to clarify the authority for financial reporting requirements in Canada and the basis for adopting IFRSs into Canadian GAAP. The proposals discuss whether entities can adopt pronouncements issued by the IASB before incorporation into Canadian GAAP, and how the disclosure requirements of IAS 8 should be applied in the context of an endorsement regime. As such, the observations in the proposals may be relevant for other regimes adopting an 'endorsement' regime for IFRS.

  • IOSCO Secretary General calls for new global regulatory framework

  • Dec 13, 2012

  • In a speech to The Atlantic Council, Mr David Wright, Secretary General of International Organization of Securities Commissions (IOSCO) has given a frank assessment of the issues surrounding the future of global financial regulation. Mr Wright proffered the option of a "global institutional framework, probably established by International Treaty" and chastised "isolationists" in the United States for "19th century logic" in denying the impacts of globalisation, including indirectly in relation to International Financial Reporting Standards.

  • CICA report on IFRS adoption in Canada

  • Dec 07, 2012

  • The Canadian Institute of Chartered Accountants (CICA) has published a report outlining the results of a review of the transition to International Financial Reporting Standards in Canada.

  • IFAC updates member body obligations

  • Dec 05, 2012

  • The International Federation of Accountants (IFAC) has released seven revised Statements of Membership Obligations (SMOs) that form the basis of the IFAC Member Body Compliance Program.

  • United States IFRS decision 'most important since the 1930's'

  • Dec 04, 2012

  • In a speech to the American Institute of CPAs (AICPA) 2012 Conference on Current SEC and PCAOB Developments, Paul A. Beswick (Acting Chief Accountant of the United States Securities Exchange Commission), said the decision on whether IFRS should be adopted in the United States may be the "single most important accounting determination for the Commission since... the 1930's".

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