New Pocket Guide to IFRSBy
The IFRS® Foundation, the oversight body of the International Accounting Standards Board (IASB), has published the 2016 edition of the Pocket Guide to IFRS® Standards: the global financial reporting language. Written and developed by former IASB board member Paul Pacter, the guide introduces IFRS (International Financial Reporting Standards) and gives an overview of the standards-setting process. The analysis of reporting standards was conducted across 143 jurisdictions (which together represent 98% of global GDP). Most of those jurisdictions permit the use of the standards, and 119 of the jurisdictions (83%) require their use by domestic publicly accountable companies and financial institutions.
The guide also shows that 80 jurisdictions now either permit or require use of the 2009 IFRS for SMEs® Standard, targeted to small and midsize companies without public accountability. Additional major developments this year are in the Asia-Pacific region, where 74% of jurisdictions now require use of the standards and most others major Asian economies are progressing toward adoption.
IASB Chairman Hans Hoogervorst said, “It is great to see continued strong momentum in the progress towards IFRS standards across the major Asian economies. In an ideal world, we would have one single, trusted global standard for financial reporting. Users of financial reports can now easily compare information from companies across nearly 120 jurisdictions, in every region of the world.”