Editing Accounting standard (section)

==Global standardization and IFRS==
Many countries use or are converging on the [[International Financial Reporting Standards]] (IFRS) that were established and are maintained by the [[International Accounting Standards Board]]. In some countries, local accounting principles are applied for regular companies but listed or large companies must conform to IFRS, so statutory reporting is comparable internationally.

All listed and grouped EU companies have been required to use IFRS since 2005, Canada moved in 2009,<ref>{{cite web |title=AcSB Confirms Changeover Date to IFRSs |url=http://www.cica.ca/ifrs/media-room/media-releases/2008/pf_item2992.aspx |date=13 February 2008 |publisher=[[Canadian Institute of Chartered Accountants]] |access-date=8 August 2009 |archive-url=https://web.archive.org/web/20090907132445/http://www.cica.ca/ifrs/media-room/media-releases/2008/pf_item2992.aspx |archive-date=7 September 2009 |url-status=dead }}</ref> Taiwan in 2013,<ref>{{citeweb |url-status=dead |url=http://www.chinapost.com.tw/taiwan/national/national-news/2013/01/01/365947/IFRS-accounting.htm |title=IFRS accounting measures to take effect for all listed companies in Taiwan in 2013 |archive-url=https://web.archive.org/web/20170405205337/http://www.chinapost.com.tw/taiwan/national/national-news/2013/01/01/365947/IFRS-accounting.htm |archive-date=2017-04-05 |first1=Ted |last1=Chen |website=The China Post |date=January 1, 2013}}</ref> and other countries are adopting local versions.<ref>{{Cite web|url=https://www.treasury.govt.nz/information-and-services/state-sector-leadership/guidance/financial-reporting-policies-and-guidance/accounting-standards/new-zealand-international-financial-reporting-standards-2007-2014|title=New Zealand International Financial Reporting Standards 2007-2014|website=The Treasury New Zealand }}</ref><ref>[http://www.iasplus.com/en/jurisdictions/oceania/country1 "Financial reporting framework in Australia"], Deloitte, IAS Plus.</ref>

In the [[United States]], while "... the SEC published a statement of continued support for a single set of high-quality, globally accepted accounting standards, and acknowledged that IFRS is best positioned to serve this role..."<ref name=pwc /> progress is less evident.<ref name=pwc>[http://www.pwc.com/us/en/issues/ifrs-reporting/transition-to-ifrs-status.jhtml "IFRS: Current situation and next steps"], pwc.com</ref><ref>[http://www.journalofaccountancy.com/News/20137119.htm "New mechanisms eyed by FASB, IASB in long march toward global comparability"], Ken Tysiac
January 10, 2013, journalofaccountancy.com</ref>