IFRS Around the World

Updated Map of Status of International Financial Reporting Standards 3/1/2009

• RED IFRS APPROVED
• ORANGE STATED MOVE TO IFRS ADOPTION - BRAZIL, CANADA...
  
• YELLOW ADAPTING TO IFRS - USA, MEXICO, CHINA

• See original article dated 27/08/2009
• IASB Website

ORIGINAL POST 27/08/2007

• The US SEC announced that it will issue a Proposing Release this summer that will request comments on proposed changes to the SEC’s rules. The changes would allow the use of IFRSs as issued by the IASB in financial reports filed by foreign companies registered in the US. Currently, foreign companies are required to reconcile their financial statements according to US generally accepted accounting principles (GAAP). The SEC also plans to issue a Concept Release on the question whether all registrants (including US companies) should be able to report under either IFRSs or US GAAP.

• The Council of the Institute of Chartered Accountants of India decided in July to adopt IFRSs with effect from the accounting periods commencing on or after 1 April 2011, for public interest entities such as listed entities, banks, insurance and large entities.

• China announced that its central-level State-Owned Enterprises and large to mid-scale companies will all adopt China’s new accounting standards that comply with IFRSs by the end of 2009. The decision does not include SMEs, which make up the majority of China’s companies.

• The Brazilian Market Regulatory Agency (CVM) published in July an instruction that openly traded Brazilian companies will have until 2010 to present their consolidated statements in accordance with IFRSs. From 2007, listed companies can opt to present their consolidated financial statements based on IFRSs.

• The Korean Financial Supervisory Commission and the Korea Accounting Standards Board unveiled a roadmap for the adoption of IFRSs at a ceremony in Seoul. All companies in Korea, apart from financial institutions, will be permitted to apply IFRSs, as adopted by Korea, by 2009. Full adoption of IFRSs for listed companies, including financial institutions, will become mandatory by 2011.

• Representatives of the IASB have attended the regional standard-setters meeting in Manila and met standard-setters from Brunei, Indonesia, Malaysia, Philippines and Taiwan.

The IASC Foundation held its third IFRS conference in Zurich on 23 and 24 May. Nearly 400 people from 42 countries attended. ‘Delegates appreciate the opportunity to discuss theirspecific circumstances with Board members and senior staff’, said Michael Wells, Senior Manager of the IASC Education Initiative, who organised the conference. ‘Our conferences are aimed at anybody who is involved in or affected by IFRSs’, underlined Wells. ‘It provides the opportunity to meet and discuss IFRS developments with IASB members and project managers.’ The Zurich conference was opened by Sir David Tweedie, Chairman of the IASB. The first day was dedicated to presenting views on IFRSs from the analyst and preparer community.Presentations were given by senior representatives from Novartis, UBS and Standard & Poors,followed by discussion rounds. Keynote speaker for the conference was the Chief Accountant of the US Securities and Exchange Commission (SEC), Conrad Hewitt. His speech focused on the underpinnings of the international financial reporting system. Of particular interest were the next steps the SEC intends to take relating to the acceptance of IFRSs.The second day focused on the IASB’s active agenda projects. The programme began with a general presentation on the Board’s recent activities followed by five intensive break-out sessions on developments in major projects: the conceptual framework, the reporting entity,consolidations and joint ventures, financial statement presentation, and business combinations.‘Feedback is invaluable, and has been very positive’, said Wells. He added ‘We listened to comments from past conferences, and this year extended the duration of break‑out sessions to allow more interaction. Furthermore, we held separate half-day pre-conference workshops on specialised aspects of financial reporting.’ In August this year the conference and workshops will, for the first time, take place in Asia, being hosted in Singapore. ‘We have decided to change location every year to underline the Foundation’s global objective’, said Wells. But this is not the only effort to be inclusive. ‘We also offer discounts of up to 70 per cent to people from emerging and developing countries’, he added.