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Sunday 25 December 2011

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Use around the world

The move towards global standards

 

The goal of the IFRS Foundation and the IASB is to develop, in the public interest, a single set of high-quality, understandable, enforceable and globally accepted financial reporting standards based upon clearly articulated principles.

In pursuit of this goal, the IASB works in close cooperation with stakeholders around the world, including investors, national standard-setters, regulators, auditors, academics, and others who have an interest in the development of high-quality global standards.

Progress toward this goal has been steady. All major economies have established time lines to converge with or adopt IFRSs in the near future. The international convergence efforts of the organisation are also supported by the Group of 20 Leaders (G20) who, at their September 2009 meeting in Pittsburgh, US, called on international accounting bodies to redouble their efforts to achieve this objective within the context of their independent standard-setting process. In particular, they asked the IASB and the US FASB to complete their convergence project by June 2011.

  

Country Status for listed companies as of April 2010
Argentina Required for fiscal years beginning on or after 1 January 2011
Australia Required for all private sector reporting entities and as the basis for public sector reporting since 2005
Brazil Required for consolidated financial statements of banks and listed companies from 31 December 2010 and for individual company accounts progressively since January 2008
Canada Required from 1 January 2011 for all listed entities and permitted for private sector entities including not-for-profit organisations
China Substantially converged national standards
European Union All member states of the EU are required to use IFRSs as adopted by the EU for listed companies since 2005
France Required via EU adoption and implementation process since 2005
Germany Required via EU adoption and implementation process since 2005
India India is converging with IFRSs at a date to be confirmed. 
Indonesia Convergence process ongoing; a decision about a target date for full compliance with IFRSs is expected to be made in 2012
Italy Required via EU adoption and implementation process since 2005
Japan Permitted from 2010 for a number of international companies; decision about mandatory adoption by 2016 expected around 2012
Mexico Required from 2012
Republic of Korea Required from 2011
Russia Required for banking institutions and some other securities issuers; permitted for other companies
Saudi Arabia Not permitted for listed companies
South Africa Required for listed entities since 2005
Turkey Required for listed entities since 2005
United Kingdom Required via EU adoption and implementation process since 2005
United States Allowed for foreign issuers in the US since 2007; target date for substantial convergence with IFRSs is 2011 and decision about possible adoption for US companies expected in 2011.

 

NOTE: The list refers to listed companies only. The table is not an authoritative assessment of the use of IFRS in those countries. In the majority of cases, the information has been provided by the relevant national authorities or is based on information that is publicly available. For definitive information on the use of IFRSs in any particular country or countries contact the relevant national authority or authorities directly.

 

Related information

Click here to read a feature entitled 'Adopt, adapt, converge'

Contact us

For general queries, contact: info@ifrs.org

 

For queries regarding the adoption or translation of IFRSs contact:
Leilani Macdonald
Manager, IFRS Translation
email: Lmacdonald@ifrs.org