INTERNATIONAL FINANCIAL
IFRS
REPORTING STANDARDS
World IFRS
Compliance
Taiwan
Hong Kong
Macau
Guam
IFRS Compliant
Transition to IFRS in Progress
IFRS Applicable to Some Cases
Reunion
New Caledonia
Not IFRS Compliant
No Stock Exchange
No Information
2012
citation 1
IFRS Transitions
2012
2011 – 13
Indonesia
Thailand
Market Capital
$390 Billion
2015 – 16
TBD
Singapore
Japan
United States
Market Capital
Market Capital
Market Capital
Market Capital
$268 Billion
$308 Billion
$3.5 Trillion
$15 Trillion
8,597
“
Countries with major market capital and their proposed IFRS transition dates.2
2015
Public Companies Filing
10K Reports to the SEC
3
Data source: DisclosureNet™
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
”
IFRS Conversions in the U.S.A.
6%
of companies have started 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.)
16%
of companies have started inquiring
about the conversion process.
40%
of companies have no clue when
they will start the conversion.
citation 4
190
Reporting Entities
listed on the NYSE are already
adhering to IFRS standards.6
41.5
Hours
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!)
IFRS
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/leadinganalyst-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>.