“Remarkable progress” is being made in the global adoption of International Financial Reporting Standards, according to Michel Prada, chairman of the IFRS Foundation Trustees. In a survey of 66 jurisdictions (including all of the G20), the IFRS Foundation found the following:
- 95% have made public commitments supporting IFRS as the single set of financial reporting standards suitable for global application;
- 80% have already adopted IFRS as a requirement for all or nearly all companies whose securities are publicly traded, while most of the remaining jurisdictions have made significant progress toward use of IFRS;
- Jurisdictions that have adopted IFRS have made very few modifications to them, while the few that were made are generally regarded as temporary steps in their plans to adopt IFRS (also, in almost all cases, the IASB has active projects on its agenda that will result in an updated version of the standard to which the jurisdiction has made modifications); and
- More than half of jurisdictions have either already adopted the IFRS for SMEs or are planning to do so in the near future.
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