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IFRS makes progress around the world

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IFRS makes progress around the world

Over 100 countries use International Financial Reporting Standards, but as more consider adopting those accounting rules, the foundation that oversees them is taking stock for the first time of how they are being applied and enforced, Emily Chasan writes. In a new report, the IFRS Foundation, which oversees the IASB, studied 66 jurisdictions for information about how IFRS is being used. The group found that 55 of those jurisdictions require the use of IFRS for all, or almost all, public companies. Even a handful of countries that have not formally required the rules are using them. While the U.S. has yet to make a decision on whether to incorporate IFRS, more than 450 foreign companies are filing their reports in IFRS.