IFAC surveyed 104 of its member organisations in 80 jurisdictions around the world for the report. Of these 80 jurisdictions 58% (46) have adopted IFRSs, 32% (26) have partially adopted IFRSs, and 10% (8) have not adopted IFRSs.

Jurisdictions that have fully adopted IFRSs (58%) have different processes to adopt the standards:

• The most common mode of adoption is through an endorsement process that may include translation and republication of IFRSs for application in the jurisdiction (33%).
• 23% of the jurisdictions have adopted through direct reference in law.
• 3% of the jurisdictions have eliminated the differences between its national standards and IFRS through a convergence process.

A common feature in almost all of the jusrisctions that have only partially adopted IFRSs (32%) is that IFRSs are required for the preparation of financial statements of some types of public interest entities, and national standards — which apply for all other companies — differ from IFRSs.

Out of the 10% of the jurisdictions that have not adopted IFRSs, accounting standards in 5 jurisdictions are established at the regional level. The remaining 3 jurisdictions require the use of national accounting standards, which are not in line with IFRSs.

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