Tag Archive | IFRS

Who uses IFRS?

When I teach accounting to students with no prior accounting knowledge, I usually cover some of the regulatory framework around financial reporting. One commonly adopted set of regulations are the International Financial Reporting Standards, or IFRS.

One question often posed to me in class is what countries use IFRS? The quickest answer is lots of countries, and I often mention the big economies that don’t require the use of IFRS for public companies- the US, India and China. Recently then IFRS organisation has created an interactive map showing which countries use IFRS. The link is here, and its a very useful resource.

IFRS adoption by country

International Financial Reporting Standards (IFRS) were adopted by the European Union in 2005 for all public listed companies. The standards cover a range of topics in financial statement preparation, from relatively simple issues such as Non-Current Assets to complex issues such as pension funds (see www.ifrs.org for a summary of all standards). However, the standards can also be used for the preparation of accounts of other entities. The use varies by country (EU and globally), so here is a very useful map prepared by PWC. Simply click on a country to see how the IFRS are used.

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