How widespread is the adoption of IFRS?
When full compliance occurs, Canada will join more than 120 nations and reporting jurisdictions already speaking this single financial language. Approximately 90 countries have fully conformed with IFRS. [Source: © 2010 The American Institute of Certified Public Accountants] Although conversion to IFRS has not yet occurred in the U.S., the Securities and Exchange Commission (SEC) no longer requires foreign private issuers to reconcile statements prepared using IFRS with US GAAP, and this will apply to Canadian interlisted companies when they convert to IFRS. The SEC plans to decide whether to adopt IFRS by 2011, targeting mandatory compliance in 2014, 2015 or 2016.
