The International Financial Reporting Standards (IFRS) has published the 2017 edition of Pocket Guide to IFRS Standards: the global financial reporting language, which shows continuing progress towards further enhancing the quality of global accounting standards.
The Pocket Guide provides an overview of the progress towards adoption of IFRS and includes information about the Standards and the organisation.
The 2017 edition of the Pocket Guide summarises 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 per cent) require IFRS Standards for all or most domestic listed companies and financial institutions. Another 13 jurisdictions (9 per cent) permit or require the Standards for at least some of those 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.
Source: IFRS, 3 May 2017