41 additional jurisdiction profiles added on the use of IFRS

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09 Dec 2013

The IFRS Foundation (IFRSF) has added 41 new jurisdiction profiles on the use of IFRS to bring the total of profiles completed to 122 jurisdictions. With the addition of the new profiles, the IFRSF completes the third phase of its initiative to assess the progress of jurisdictions using IFRSs.

In its press release on the IASB website the IFRSF has also included an analysis of key findings from all 122 jurisdiction profiles:

  • Application of IFRSs is already required for all or most domestic listed companies in 101 of the 122 jurisdictions;
  • in most of the remaining countries application of IFRSs is permitted for at least some listed companies;
  • of the 101 jurisdictions that have adopted IFRS for listed companies 60% also require the application of IFRSs for unlisted financial institutions and/or large unlisted companies; and
  • modifications to IFRS are rare, mostly temporary and limited in applicability.

Newly available is also an IFRS Foundation Adoption Guide outlining steps, approaches and pitfalls for countries planning to adopt IFRSs.

The IFRSF has been using information from various sources to develop the profiles about the use of IFRSs in individual jurisdictions. We are proud that IAS Plus with the assistance of our Deloitte member firms has been able to help the IFRS Foundation with this ambitious project, which is led by Paul Pacter, former IASB member and former webmaster of IAS Plus who originally set up our popular table on the use of IFRSs around the world which is supplemented recently by the more detailed table on the use of IFRSs by the G20 jurisdictions.

The profiles and analyses are available on the IASB website.

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