11. How widespread is the use of IFRSs internationally?

IFRSs are now required or permitted in over 120 countries, including the European Union and much of the Pacific Rim. The US has not adopted IFRSs, but is working with the International Accounting Standards Board (IASB) to align standards, with the long-term goal of a single set of high-quality standards.

In December 2007, the US Securities and Exchange Commission eliminated the requirement for the reconciliations to US GAAP by foreign private issuers who prepare their financial statements in accordance with IFRSs as issued by the IASB.