Today’s homework is devoted to IFRS and its standards. First of all, let’s revise some vocabulary we looked at during the lesson.
1. Fill in the gaps with one of the following words.
- 93% (140/150 jurisdictions) have made a public commitment to IFRS Standards as the single set of global accounting standards.
- 84% (126/150 jurisdictions) already require the use of IFRS Standards by all or most domestic public companies, with most of the remaining jurisdictions permitting their use.
27,000 of the 49,000 companies listed on the 88 largest securities exchanges in the world use IFRS Standards. 90% of the companies that don’t use IFRS Standards are in China, India, Japan and the United States.
- $27 trillion non-EU While the European Union remains the single biggest jurisdiction using IFRS Standards, the combined GDP of jurisdictions outside the EU using IFRS Standards ($27 trillion) is now greater than that of the EU itself ($19 trillion).
- 57% In less than eight years since its publication, the IFRS for SMEs Standard is required or permitted in 57 per cent, or 85 of 150 profiled jurisdictions while a further 11 jurisdictions are considering doing so.
3. Now watch the video on how IFRS standars are created and do the task.