IFRS Adoption

According to Richard Keys of PwC, the second wave of International Financial Reporting Standards (IFRS) has two ......

The first is the new troop of countries that are adopting these international accounting standards, following in the ..... of Europe and Australia in 2005.

The second is the new and revised collection of standards that will be ..... in 2009.

IFRS has already become the ..... international language of accounting.

International Financial Reporting Standards are already the basis for accounting in over 100 countries worldwide and the International Accounting Standards Board (IASB) ..... this total will increase to 150 by 2011.

Relatively recently, we have heard announcements that countries such as Canada, Korea, Japan and India will adopt full IFRS by 2011; China too is ..... the IFRS wave and is committed to convergence with IFRS.

The Ministry of Finance has undertaken an extensive project along this road, ..... in the adoption of new Chinese accounting standards that bring about substantial convergence with IFRS, and further work on full convergence continues.

These moves have ..... significant pressure for change on the US market.

Within the last few months, the SEC has been consulting about removing the requirement for foreign entities listed in the US to ..... their IFRS accounts to US GAAP; by 2009 and possibly earlier, most expect full IFRS to be acceptable in the US without the need for this costly process.

The SEC has also sought views on whether to give US companies the option of using IFRS instead of US GAAP, and it is probably only a ..... of time until this idea becomes a reality.