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IFRS Foundation publishes updated progress report on global use of IFRSs

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Jun 09, 2015

The IFRS Foundation has issued an updated version of “Financial Reporting Standards for the World Economy,” which details the progress made toward global use of IFRSs, including IFRS profiles for 140 jurisdictions around the world (i.e., analyses related to whether IFRSs are required or permitted in those jurisdictions).

The publication’s observations regarding use of IFRSs in those jurisdictions include the following:

  • There is general support for global accounting standards as well as for the use of IFRSs as the global standard.
  • IFRSs are required for domestic listed companies in 116 jurisdictions, with 60 percent of those jurisdictions requiring IFRSs for unlisted financial institutions and 90 percent permitting IFRSs for unlisted companies.
  • Most of the 24 remaining jurisdictions do not require IFRSs but do permit their use to some degree.
  • Modifications to IFRSs are rare.
  • The auditor’s report refers to compliance with IFRSs in most jurisdictions.
  • An endorsement process is not performed for 67 percent of 107 jurisdictions (excluding the 33 countries of the EU, the EEA, and EU candidates).
  • Adoption of the IFRS for SMEs is permitted or required in 73 of the 140 jurisdictions.

For more information, see the progress report on the IASB’s Web site.

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