Previously, the table only covered listed companies. Users of this table should bear several points in mind:

• It is based on the best information we currently have available. If you find an error, please Send Us an Email. If possible, please include links to, or citations of, documents from which the information can be verified.
• It is not complete. We have no data at all for some countries, and no data about unlisted companies for other countries. If you can help fill in the blanks, please send us an email.
• It reports only direct use of IFRSs. Direct use means that the basis of preparation note and the auditor's report will refer to conformity with IFRSs. Use of local GAAP that is described as 'based on' or 'similar to' or 'converged with' IFRSs is not direct use of IFRSs.

Click for Our IFRS by Jurisdiction page.

A number of the challengesare being addressed in joint IASB-FASB projects:

Internal Controls. Implementation of requirements of the Section 404 of Sarbanes-Oxley Act concerning reports on internal controls. Uncertain Tax Positions. Problems in implementing FIN 48 Accounting for Uncertainty in Income Taxes - an Interpretation of FASB Statement No. 109. This issue is being addressed in the joint IASB-FASB Convergence Project on Income Taxes. XBRL. "Expect more momentum in 2007 as more companies voluntarily adopt and the SEC continues to prioritise XBRL." Fair Value. FAS 157 Fair Value Measurement takes effect in 2007. IASB has issued a Wrap-around Discussion Paper. Servicing Assets and Liabilities. Implementation of FAS 156 Accounting for Servicing of Financial Assets - an Amendment of FAS 140. Complexity in Financial Reporting. "The level of restatements (over 10 percent of [SEC] registrants) implies a level of complexity in the existing reporting model that requires subject matter experts on staff for every accounting area." Derivatives. Particularly, master netting arrangements. Pensions. FASB has issued FAS 158, Employers' Accounting for Defined Benefit Pension and other Postretirement Plans. IASB has begun a Project. Earnings per Share. The IASB and FASB will each issue exposure drafts on the EPS Convergence Project. Business Combinations. IASB and FASB Joint Project on Business Combinations Phase 2.

One of the two repair ships has suffered a 'major fault' and has been sent to a port for urgent repairs. Repairs to one of the six damaged cables are now expected to be completed around 16 January 2007. Repairs to the others will be completed progressively by the end of January 2007. Click for HK Government Press Release (PDF 24k). Update 2 January 2007: Click for HK Government Update (PDF 24k).

We wish you a very happy new year. Here are a few more statistics about IAS Plus in 2006:

• Total page views: 5,102,000
• Top 10 most visited pages: Home Page, Standards List, Publications, Search, IAS 39, Interpretations, Model Financial Statements, IAS 1, Compare National GAAP and IFRS, and Countries/Jurisdictions.
• Total website file size: 541mb
• Total number of files: 3,733 files, including 609 HTML web pages and 2,413 downloadable PDF files.

Significant proposed modifications to the Code include:

• extending the partner rotation requirements to all key audit partners on an audit of an entity of significant public interest;
• updating requirements related to the provision of non-assurance services, including setting out additional guidance on the provision of tax services to audit clients;
• providing guidance on key audit firm personnel accepting employment with audit clients that are entities of significant public interest; and
• extending the independence requirements to the audits of a wider range of entities of significant public interest.

Comment deadline is 30 April 2007. Click for:

• Exposure Draft (PDF 416k)
• Press Release (PDF 75k)

 

FAS 123R is similar to IFRS 2 Share-based Payment. The amendment modifies rules that were adopted in July 2006. The July rule had required a company to include the entire fair value of stock option grants in the SEC's Summary Compensation Table and the Director Compensation Table in the period in which the options are granted. The revised rule spreads the fair value in those Compensation Tables over the same periods as the company recognises options expense in its financial statements under FAS 123R. Click for SEC Press Release  (PDF 66k).

The cables account for about 90% of the total capacity and mainly affect connections to Japan, Taiwan, Korea, the US and Canada. Operators have implemented contingency plans and rerouted traffic via all other cables still in service. At present, voice call services including IDD calls and roaming calls to most of the countries/territories except for Taiwan have nearly resumed to normal. However, Internet access to overseas websites is still congested. IAS Plus has had less than one-third of the expected number of visitors for the week between Christmas and New Year's Day. Click for HK Government Press Release (PDF 27k).

Click to download the Endorsement Status Report as of 20 December 2006 (PDF 35k). You can always find a link on our EFRAG Page. Currently, the following IASB pronouncements have not yet been endorsed for use in Europe:

• IFRS 8 Operating Segments
• IFRIC 12 Service Concession Arrangements
• IFRIC 11 IFRS 2: Group and Treasury Share Transactions
• IFRIC 10 Interim Financial Reporting and Impairment

The updated Endorsement Status Report reflects EFRAG's recent decision to Recommend IFRIC 10 (PDF 45k) for use in Europe.

The quakes occurred starting at 12:26 GMT on Tuesday 26 December 2006. The server for IAS Plus is located in Hong Kong. The earthquakes and related aftershocks damaged undersea data cables in the Luzon Strait between Hong Kong and Taiwan, disrupting internet links between Hong Kong and much of the world yesterday and continuing today. IAS Plus normally has up time of 99.9% and connect time (time it takes for us to start sending data to you after you access the site) of under 0.8 seconds. The main headline in today's South China Morning Postsays:

Cyberspace chaos leaves region reeling. Net users struggle to cope without their lifelineas providers warn it could take weeks to fix cables damaged by quake.

Update 07:48 GMT 28 December: News reports say that six of the seven main submarine fibre-optic cables serving Hong Kong have been badly damaged and the seventh is functioning with limited capacity. At least eight boats (three from Taiwan and five from Hong Kong) have been dispatched to assess damage and undertake repairs – which reports say may take up to three weeks. Some rerouting of traffic may be possible until repairs are completed.

Written representations are affirmations that auditors request from management, those charged with governance, and others, as part of the audit process. The affirmations relate to the financial statements, including internal control, and the completeness of information made available to the auditor, and specific assertions in the financial statements. The five 'clarity' exposure drafts are:

• ISA 230 (Redrafted), Audit Documentation;
• ISA 540 (Revised and Redrafted), Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures;
• ISA 560 (Redrafted), Subsequent Events;
• ISA 610 (Redrafted), The Auditor's Consideration of the Internal Audit Function; and
• ISA 720 (Redrafted), Reading Other Information in Documents Containing Audited Financial Statements.

Proposed ISA 540 is a combination of ISA 540 (Revised), Auditing Accounting Estimates and Related Disclosures (Other Than Those Involving Fair Value Measurements and Disclosures) and ISA 545, Auditing Fair Value Measurements and Disclosures. Comments on the exposure drafts of proposed redrafted ISAs 230, 560, 610 and 720 are requested by 31 March 2007. Comments on the exposure drafts of proposed ISAs 540 (Revised and Redrafted) and 580 (Revised and Redrafted) are requested by 30 April 2007. Click for Press Release (PDF 82k).