The IFRS Foundation has completed the first phase of an initiative which charts how far different jurisdictions have progressed towards global adoption of International Financial Reporting Standards (IFRS).

In the first stage of the work to assess worldwide progress on adoption, the standards body has published IFRS profiles for all G20 jurisdictions, as well as profiles for a further 46 jurisdictions who responded to a survey of national and regional bodies with overall responsibility for accounting standards within their jurisdiction.

Of the 66 jurisdictions surveyed, 95% have made public commitments supporting IFRS as the single set of financial reporting standards suitable for global application.

The majority (80%) have already adopted IFRS as a requirement for all or nearly all companies whose securities are publicly traded, with the remainder well on the way to doing so.

The survey also shows that those jurisdictions who have adopted IFRS have done so with very few modifications. Most changes are regarded as being temporary, and are associated with standards where IASB is already working on updates. Over half of jurisdictions have either already adopted the IFRS for SMEs or are planning to do so in the near future.

Michel Prada, chairman of the IFRS Foundation trustees, said: 'Although different countries are at different stages along the path to IFRS adoption, the direction of travel is clear and the momentum is unstoppable.'

A second phase of the project is under way with the goal of providing profiles for most jurisdictions by the end of 2013..

The country profiles are available from ifrs.org

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