International Financial Reporting Standards (IFRS) are designed to create a single set of high-quality financial reporting standards.
This initiative is intended to provide a central source of information that permits interested parties to chart jurisdictional progress towards the achievement of that goal.
The graphic uses lights to show the progress globally.
|Canada||Required for listed companies from 1 January 2011||IFRS as published by IASB|
|Mexico||Required for adoption from 31 December 2012||IFRS as published by IASB|
|USA||IFRS is not required for listed companies||N/A|
|Brazil||Since 2010 required for listed companies prepared in accordance with both IFRS and CPC (new Brazilian GAAP)||IFRS as published by IASB|
|France||Required for consolidated financial statements since 2005||IFRS as adopted by the EU|
|Germany||Required for consolidated financial statements since 2005||IFRS as adopted by the EU|
|UK||Required for consolidated financial statements since 2005||IFRS as adopted by the EU|
|Italy||Required for consolidated financial statements since 2005||IFRS as adopted by the EU|
|Russia||Required for consolidated financial statements of listed companies and standalone statements of listed companies with no subsidiaries||IFRS as published by IASB|
|China||None, however CAS (Chinese Accounting Standards) have substantively converged with IFRS. However, it is not a direct translation of IFRS, rather the principles of IFRS are re-written into a format that is easily understandable to the Chinese reader||N/A|
|India||Listed companies have a choice between Indian GAAP or IFRS||IRFS as published by IASB|
|Japan||Permitted from 2010 for a number of international companies|
|South Africa||Required for listed entities since 2005||IRFS as published by IASB|
|Australia||Required for all private sector reporting entities and as the basis for public sector since 2005||IFRS as adopted locally|