The International Financial Reporting Standards are the “de facto” language for financial reporting, says Paul Pakter, former board member of the International Accounting Standards Board in an article, “Global Accounting Standards—From Vision to Reality.”
He states that, of the 122 jurisdictions profiled by the IASB, 115 have made public statements in support of a single set of global accounting standards. Many of the jurisdictions believe that IFRS should be the global accounting standard.
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