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Paul Pacter reports on the adoption of IFRSs

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17 Jan 2014

Former IASB Board member Paul Pacter has issued an assessment of the global adoption of IFRSs. Based on the assessment, he believes that IFRS is the ‘de facto’ language for financial reporting.

In the assessment, he 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 IFRS should be the global accounting standard. In addition, 101 of the 122 jurisdictions require use of IFRS for most or all domestically listed companies with most the remaining 21 jurisdictions using IFRS to some extent. Further, 57 of the 122 jurisdictions require or permit the use of the IFRS for SMEs.

The article also provides the examples where modifications to IFRS were made by jurisdictions; however, the number of modifications remain limited.

Looking ahead, the report noted 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 IFRS.

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

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