INTERNATIONAL FINANCIAL REPORTING STANDARDS · Saudi Arabia: All banks and insurance companies...
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2012 2011 – 13 2015 2015 – 16 TBD 41.5 190 listed 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 “ ” 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 SEC 3 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
Transcript of INTERNATIONAL FINANCIAL REPORTING STANDARDS · Saudi Arabia: All banks and insurance companies...
2012 2011–13 2015 2015 –16 TBD
41.5190 listed 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
“”
REPORTING STANDARDS
8,597
IndonesiaMarket 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 KongTaiwan
New Caledonia
Macau
Reunion
