MODULE 2

The status and use of IFRS around the world

 Adoption of IFRS

will learn
What you

The growth of IASB and IFRS

IFRS for SME's

 Adoption of IFRS
North America
• Canada - Full convergence since 2011
• USA – In process

South America
• Mostly converged

Europe
• Fully converged since 1 January 2005

Africa
• 50:50

India
• IND-AS

China

Asia
• All except Japan

Australia
• Fully converged
 Exercise 2.1

….
Required Not required

France
.
Kenya
.
China

Brazil

Poland

USA

Australia
 IFRS for SME’s

Non public accountable entities

Designed as per needs of SME’s

Issued in 2015

Banks, insurance companies or mutual fund etc. can

never use it
 Exercise 2.2

Which of the following type(s) of entity is (are) eligible to use IFRS for SME’s Standard?
1. Unlisted bank
2. A listed company that meets size threshold for a small entity
3. An unlisted company of any size

a. 2 Only
b. 3 Only
c. 1 and 3
d. 2 and 3