Latest update to study confirms substantial progress towards global adoption of IFRS

 09 December 2013

With the completion of the third phase of its project to study jurisdictional adoption of International Financial Reporting Standards (IFRS), the IFRS Foundation has gathered solid evidence that IFRS has already become the de facto global language for financial reporting.  The third phase involved research on how IFRS is used in an additional 41 countries, bringing the total number of countries surveyed to 122. 

The profiles describe each jurisdiction´s decisions regarding use of IFRSs; for instance, which companies, which types of financial statements, and whether IFRS is required or permitted.  The profiles explain whether the jurisdiction made any modifications to IFRSs, the wording in the auditor´s report, and the nature of each jurisdiction´s process for adopting or endorsing IFRSs under local law or regulations.

Key findings based on all 122 jurisdiction profiles include:

The jurisdiction profiles were prepared by the IFRS Foundation under the direction of former IASB member Paul Pacter.  The Foundation drafted the profiles on the basis of data provided by standard-setters and other relevant bodies in response to a survey. 

To validate the data, the Foundation invited the respondents to the survey and others, including regulators and international audit firms, to review the drafts, and their comments are reflected in the published profiles.

Commenting on the findings of the study, Michel Prada, Chairman of the IFRS Foundation Trustees said:

"The vision of global accounting standards has been publicly supported by almost all international organisations, including the G20, World Bank, IMF, Basel Committee, IOSCO and IFAC. Twelve years after the reform of the IASC and the establishment of the IFRS Foundation and the IASB, we now have firm evidence of that vision now becoming a reality."

Profiles on the use of IFRS in all 122 jurisdictions are available to download from the IFRS Foundation website on the Jurisdiction Profiles page.


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Mark Byatt, Director of Communications and External Affairs, IFRS Foundation
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Chris Welsh, Communications Manager, IFRS Foundation
Telephone: +44 (0)20 7246 6495