The European Accounting Regulation came into force as of 2005: Listed companies the European Union approved in 2002 an Accounting Regulation that required all EU companies listed on a regulated market Around 8,000 companies in total applied IFRS in their consolidated financial statements as of 2005 niif-progress-at-world-level-pdf
This IFRS requirement not only applies in the 27 countries of the European Union, but also in the three countries of the European Economic Area (Iceland, Liechtenstein, Norway). Most of the large companies in Switzerland (which is not a member of the European Union) also use IFRS. USE OF IFRS IN THE UNITED STATESRecognition of IFRS by the SEC (US Securities Market Commission) In November 2007, the SEC approved by vote that foreign companies present financial statements prepared in accordance with IFRS. The Norwalk Agreement signed in October 2002 by the FASB and the IASB (International Accounting Standards Committee) committed to: Compatibility in current financial standards as soon as possible; Coordinate their future work programs to ensure that, once achieved, compatibility is maintained. They try to jointly advance in identified areas for improvement. USE OF IFRS IN CANADAForeign issuers in Canada are authorized to use IFRS In February 2008, the ACSB (Accounting Standards Board of Canada) confirmed that all IFRS will be adopted verbatim as Canadian GAAP (Generally Accepted Accounting Principles), with effect from from 2011 Simultaneously, Canadian securities regulators agreed to: Accept the presentation of financial information in accordance with IFRS as of 2009 Require the preparation of financial statements in accordance with IFRS adopted by the IASB (International Standards Board of Accounting) Prohibit US-listed Canadian companies from using US GAAP (US Generally Accepted Accounting Principles), rather than IFRS, as of 2013
