The IFRS Foundation has published the 2017 edition of its Pocket Guide to IFRS Standards: the global financial reporting language. The Guide shows continuing progress towards further enhancing the quality of IFRS Standards and increasing adoption around the world.
The Pocket Guide provides an overview of the progress towards adoption of IFRS Standards in 150 jurisdictions around the world and includes information about the Standards and the organization.
This year’s Pocket Guide summarizes key developments in the standard-setting over the past year and notes a growing number of jurisdictions requiring the use of IFRS Standards. Of the 150 jurisdictions studied to date, 126 (84%) require IFRS Standards for all or most domestic listed companies and financial institutions. Another 13 jurisdictions (9%) permit or require the Standards for at least some of those entities.
During the past year, profiles on the use of IFRS Standards in ten additional jurisdictions—Gambia, Iran, Kazakhstan, Kuwait, Liberia, Malawi, Montenegro, Namibia, Qatar and Timor-Leste—were added to the IFRS Foundation’s website. IFRS Standards are required for domestic listed companies in all but Timor-Leste, where they are permitted. Further, Saudi Arabia decided to require IFRS Standards starting in 2017 for all listed companies and in 2018 for all other publicly accountable entities.
Hans Hoogervorst, Chairman of the International Accounting Standards Board, commented:
The use of IFRS Standards continues to expand around the world, helping to bring transparency, accountability and efficiency to financial markets. The public benefit of the Standards is their contribution to economic growth and long-term financial stability.
The Pocket Guide also reports that 85 of the 150 surveyed jurisdictions now require or permit use of the IFRS for SMEs Standard—a self-contained Standard specifically designed for small and medium-sized companies without public accountability.