The guide also shows that 80 jurisdictions now either permit or require use of the 2009 IFRS for SMEs® Standard, targeted to small and midsize companies without public accountability. Additional major developments this year are in the Asia-Pacific region, where 74% of jurisdictions now require use of the standards and most others major Asian economies are progressing toward adoption.

IASB Chairman Hans Hoogervorst said, “It is great to see continued strong momentum in the progress towards IFRS standards across the major Asian economies. In an ideal world, we would have one single, trusted global standard for financial reporting. Users of financial reports can now easily compare information from companies across nearly 120 jurisdictions, in every region of the world.”

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