This document discusses international financial reporting standards (IFRS) adoption and compliance around the world. It notes that over 100 countries require or allow IFRS reporting, including major markets like the EU, Japan, and Canada. In the US, over 8,500 public companies currently file 10K reports with the SEC without using IFRS. The document also summarizes a survey finding that many US companies have not adequately prepared for a potential transition to IFRS.

1. 2012 2011–13 2015 2015 –16 TBD
41.5190listed on the NYSE are already
adhering to IFRS standards.6
Reporting Entities Hours
www.DisclosureNet.com
IFRS information fluctuates regularly.
The data portrayed in this infographic is accurate as of December 2012 and serves to provide a general overview.
Notes:
1 "Use of IFRS by Jurisdiction." Iasplus.com. Deloitte, n.d. Feb. 2012. Web. 06 Nov. 2012. <http://www.iasplus.com/en/resources/use-of-ifrs/>.
a. EU: IFRSs as adopted by EU. (See Note 1) b. Belarus: Chart states they began their conversion in 2008 c. Ukraine: They should be converged by present date (See Note 27) d. Saudi Arabia: All banks and insurance
companies listed on the Saudi Stock Exchange must use IFRSs. (See Note 6) e. Mexico: All companies listed on the Mexican Stock Exchange will be required to use IFRSs starting 2012 — (See Note 17)
f. Indonesia: Currently in transition—http://www.ifrs.org/Use-around-the-world/Pages/Use-around-the-world.aspx g. China: Almost fully converged—http://live.wsj.com/video/cfo-network-should-us-adopt-ifrs
/8CFED666-1AC1-4E2B-834B-E672C0DD30DA.html#!8CFED666-1AC1-4E2B-834B-E672C0DD30DA h. Malasiya: Currently in Transition - http://www.iasplus.com/en/resources/use-of-ifrs/#Note16
2 "Market Capitalization of Listed Companies (current US$)." Data. World Bank, 2012. Web. 01 Nov. 2012. <http://data.worldbank.org/indicator/CM.MKT.LCAP.CD>.
3 DisclosureNet™. N.p., n.d. Web. 4 Dec. 2012. <http://new.disclosurenet.com/>.
4 "Leading Analyst Firm and DisclosureNet Discuss IFRS Adoption/Convergence in the U.S." ComplianceWeek.com. Compliance Week, 26 Oct. 2012. Web. 06 Nov. 2012. <http://www.complianceweek.com/leading-
analyst-firm-and-disclosurenet-discuss-ifrs-adoptionconvergence-in-the-us/article/265220/>.
5 "AICPA | www.IFRS.com." Training: IFRS Certificate Program : FAQs. IFRS, n.d. Web. 06 Nov. 2012. <http://www.ifrs.com/certificate/FAQs.html>.
6 "Webinar—5 Compelling Reasons to Call for IFRS Adoption in the U.S." Webinar —5 Compelling Reasons to Call for IFRS Adoption in the U.S. DisclosureNet™, 29 Nov. 2012. Web. 29 Nov. 2012.
<http://player.vimeo.com/video/54426144>.
IFRS
IFRS Compliant
Transition to IFRS in Progress
IFRS Applicable to Some Cases
Not IFRS Compliant
No Stock Exchange
No Information
INTERNATIONAL FINANCIAL
IFRS
As a global language for financial reporting, IFRS minimizes barriers
and fosters mutual understanding between investors and companies
around the world, benefiting both.
Patricia Walters, PhD, CFA
“
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REPORTING STANDARDS
8,597
Indonesia
Market Capital
$390 Billion
Market Capital
$268 Billion
Market Capital
$308 Billion
Market Capital
$3.5 Trillion
Market Capital
$15 Trillion
Thailand Singapore Japan United States
2012
16%
Countries with major market capital and their proposed IFRS transition dates.2
of companies have started the
conversion process.
6%
of companies have started inquiring
about the conversion process.
35%of companies are deferring conversions
until closer to the adoption date.
(Which means it may be too late for them to make changes in their ERP
and finance systems required to capture comparative data.)
40%of companies have no clue when
they will start the conversion.
IFRS Transitions
World IFRS
Compliance
Public Companies Filing
10K Reports to the SEC3
IFRS Conversions in the U.S.A.
Data source: DisclosureNet™
The IFRS certification program takes 41.5 hours of commitment for each individual
employee, after which they are left on their own to create documents that comply with
an entirely new system.5
DisclosureNet™ houses the latest IFRS standards, and tens
of thousands of IFRS example documents. Interpretations,
basis for conclusions and real examples provide
benchmarks so that you can ensure your reporting is
compliant and at the leading edge of your industry. You
can search by auditor and look deeper into amendments
and exposure drafts so that not only are you meeting
IFRSs, but you’ll also be meeting the auditor’s standards
as well. (Talk about time saving!)
citation 1
citation 4
Guam
Hong Kong
Taiwan
New Caledonia
Macau
Reunion