IFRS Implementation Around the World (2008)

The International Financial Reporting Standards (IFRS) is a single set of accounting standards developed by the IASB (International Accounting Standards Board). Public companies in at least 100 countries now prepare financial statements using IFRS. The map below shows the status of IFRS implementation around the world.

IFRS Implementation Around the World (2008)

IFRS is a less extensive body of literature than is U.S. GAAP. It does not include extensive industry-specific guidance and in many instances, IFRS contains similar concepts but does not contain the same amount of detailed implementation guidance as does U.S. GAAP.

Because of the less-detailed guidance, there are more circumstances where application of IFRS will require exercise of judgment, which will need to be supported by contemporaneous analysis. IFRS requires clear, transparent disclosures of critical accounting policies and estimates, particularly in areas requiring application of judgment.