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Paul Pacter reports on the adoption of IFRSs

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Jan 17, 2014

Former IASB member Paul Pacter has issued an assessment of the global adoption of IFRSs. On the basis of the assessment, he believes that IFRSs are the de facto language for financial reporting.

In the assessment, Mr. Pacter stated that of the 122 jurisdictions profiled by the IASB, 115 have made public statements in support of a single set of global accounting standards. Many of the jurisdictions believe that IFRSs should be the global accounting standard. In addition, 101 of the 122 jurisdictions require use of IFRSs for most or all domestically listed companies, with most of the remaining 21 jurisdictions using IFRSs to some extent. Further, 57 of the 122 jurisdictions require or permit the use of the IFRSs for SMEs.

The article also provides examples when modifications to IFRSs were made by jurisdictions; however, the number of modifications remains limited.

Looking ahead, the report notes that the IFRS Foundation Trustees is conducting research to expand on the number of jurisdictions profiled. Also, the Trustees intend to issue a follow-up survey in early 2014 to (1) review current data for any updates, (2) clarify some information in the original survey, and (3) gather more information on the adoption of IFRSs.

For more information, see Paul Pacter’s article, Global Accounting Standards — From Vision to Reality, on the IASB's Web site.

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