06
/ October
2010
The US stands by itself on IFRS compliance
Greg Forsythe (Deloitte) offers the following list of how various countries have dealt with the IFRS standards...(note--these are the major adapters--many other smaller countries have also adapted the IFRS standards.
IFRSs required
• Argentina (2012)
• Australia (2005)
• Brazil (2010)
• Canada (2011)
• France (2005)
• Germany (2005)
• India (2011)
• Mexico (2012)
• Saudi Arabia
– (Required for certain listed companies)
• South Africa (2005)
• Indonesia (2012)
• Italy (2005)
• Korea (2011)
• Mexico (2012)
Turkey (2005)
• United Kingdom (2005)
IFRS Permitted
• China
– (Permitted for HK listed companies, also
convergence of China GAAP with IFRSs)
• Japan
– (Permitted in 2010 for certain companies,
considering a requirement in 2015 or
2016)
Russia (in certain circumstances)
IFRS not allowed
• United States
– (Except foreign private issuers may use
IFRSs)