The IFRS Foundation has completed the first phase of an important initiative to assess the progress towards global adoption of IFRSs. The G20 has called for global adoption of a single set of high quality financial reporting standards. This initiative is intended to provide a central source of information that permits interested parties to chart jurisdictional progress towards the achievement of that goal.

The completion of the first phase of this project sees the publication of IFRS profiles for all G20 jurisdictions, as well as profiles for a further 46 jurisdictions who responded to a survey of national and regional bodies with overall responsibility for accounting standards within their jurisdiction. The profiles are available on the Jurisdiction profiles section of theIFRS website. A second phase of the project is under way and further profiles will be posted on the website during the coming months with the ultimate goal of providing profiles for most jurisdictions in the world by the end of 2013.