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IASB Updates On Global IFRS Use

by Leroy Baker,, New York

21 April 2015

The Chairman of the International Accounting Standards Board (IASB), Hans Hoogervorst, has provided an update on the progress of International Financial Reporting Standards (IFRS) adoption around the world.

During his speech in Toronto, Canada, in which he also presented the IASB's newly developed mission statement, he noted that IFRS is "creating a bridge between countries with very different legal systems," with its adoption continuing "at a pace."

Hoogervorst said that the latest version of the IFRS Pocket Guide "shows that, of the 138 countries researched, 114 already require the use of IFRS for all or most publicly listed companies. Local adaptations are rare, and most countries have adopted IFRS in full and without modification."

However, with his hosts having adopted IFRS from 2011, and because of the close ties between Canada and the United States, he added that "it must have been especially disappointing for Canada that there has been no further breakthrough for IFRS in the United States."

With a consensus that a convergence is unlikely in the foreseeable future between IFRS and US Generally Accepted Accounting Principles, he noted that the US Securities and Exchange Commission "is now pondering a 'fourth way' forward with IFRS and we will have to see what the exact proposals will entail."

Nevertheless, as IFRS is being adopted in ever more countries outside the United States, he said he believed that "Canada's courageous decision to adopt IFRS has been more than vindicated."

TAGS: accounting | International Accounting Standards Board (IASB) | international financial reporting standards (IFRS) | Canada | United States | financial reporting | standards

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