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June 5, 2013

IFRS Foundation charts progress towards global adoption of IFRS

The IFRS Foundation has completed the first phase of an initiative to assess the progress towards the global adoption of IFRSs.

The phase involved profiling the G20 jurisdictions alongside a further 46 jurisdictions that responded to a survey of national and regional bodies with overall responsibility for their accounting standards.

Of the respondents, 95% had made public commitments supporting IFRSs as the single set of financial reporting standards suitable for global adoption.

Additionally, 80% had adopted IFRSs as a requirement for all or nearly all companies whose securities are publicly traded, with most of the remaining jurisdictions making "significant" progress toward the use of IFRSs.

The survey also found that jurisdictions have to make very few modifications to IFRSs, and in almost all cases where modifications were needed, the IASB also has active projects on its agenda to update the standard in question.

The survey found over half of the jurisdictions had adopted the IRFS for SMEs, or were planning to do so in the near future.

Chairman of the IFRS foundation trustees Michel Prada said: "Collectively, the profiles illustrate the remarkable progress that has been achieved in little more than ten years."

A second phase is currently underway, and the IFRS Foundation said the ultimate goal was to provide profiles for most jurisdictions in the world by the end of 2013.

Related Links

IFRS jurisdiction profiles

International Financial Reporting Standard

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