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IFAC survey shows adoption of international standards to be on the increase

  • IFAC (International Federation of Accountants) (lt gray) Image

15 Oct 2019

The International Federation of Accountants (IFAC) has published the results of a survey among its members as 'International Standards: 2019 Global Status Report'. The report includes research results on the adoption of IFRSs.

The report includes data from more than 170 IFAC member organisations. The data shows that more than 90% of the jurisdictions examined have adopted or partially adopted IFRSs. Most jurisdictions adopt IFRSs by directly referring to the standards or working to eliminate differences to better align national standards with the international ones. Only 9% do not use international standards as a reference.

The report notes that IFAC has more than 120 member organisations that operate in jurisdictions where English is not an official or a business language. In these jurisdictions, access to local language standards translations is one of the main challenges to successful adoption and implementation of the international standards.

Please click to access the full report on the IFAC website.

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