The International Federation of Accountants (IFAC) recently published a report regarding the international standards worldwide adoption status as of 2017. According to this document, the adoption rates of the international standards increased significantly in recent years as a result of the efforts made by the IFAC and its member bodies.
The current status of the international standards developed by the IFAC and the IFRS Foundation is as follows:
- 79% of jurisdictions have adopted the International Standards on Auditing (ISA) for all mandatory audits;
- 61% of jurisdictions have fully adopted the Code of Ethics for Professional Accountants;
- 55% of jurisdictions have made strides in adopting the International Public Sector Accounting Standards (IPSAS), with 9% fully adopting all IPSAS for all public sector entities;
- All jurisdictions have incorporated some requirements of the International Education Standards (IES), with 20% fully adopting all IES for all professional accountants;
- 91% of jurisdictions have adopted International Financial Reporting Standards for all or most public interest entities.
For additional details, please see the Report published on IFAC’s website.