<P> IFRS are used in many parts of the world, including the South Korea, European Union, India, Hong Kong, Australia, Malaysia, Pakistan, GCC countries, Russia, Chile, Philippines, South Africa, Singapore and Turkey, but not in the United States . </P> <P> It is generally expected that IFRS adoption worldwide will be beneficial to investors and other users of financial statements, by reducing the costs of comparing alternative investments and increasing the quality of information . Companies are also expected to benefit, as investors will be more willing to provide financing . Companies that have high levels of international activities are among the group that would benefit from a switch to IFRS . Companies that are involved in foreign activities and investing benefit from the switch due to the increased comparability of a set accounting standard . However, Ray J. Ball has expressed some skepticism of the overall cost of the international standard; he argues that the enforcement of the standards could be lax, and the regional differences in accounting could become obscured behind a label . He also expressed concerns about the fair value emphasis of IFRS and the influence of accountants from non-common - law regions, where losses have been recognized in a less timely manner . </P> <P> To assess progress towards the goal of a single set global accounting standards, the IFRS Foundation has developed and posted profiles about the use of IFRSs in individual jurisdictions . These were based on information from various sources . The starting point was the responses provided by standard - setting and other relevant bodies to a survey that the IFRS Foundation conducted . Currently, profiles are completed for 124 jurisdictions, including all of the G20 jurisdictions plus 104 others . Eventually, the plan is to have a profile for every jurisdiction that has adopted IFRSs, or is on a programme toward adoption of IFRSs . </P> <P> The Australian Accounting Standards Board (AASB) has issued' Australian equivalents to IFRS' (A-IFRS), numbering IFRS standards as AASB 1--8 and IAS standards as AASB 101--141 . Australian equivalents to SIC and IFRIC Interpretations have also been issued, along with a number of' domestic' standards and interpretations . These pronouncements replaced previous Australian generally accepted accounting principles with effect from annual reporting periods beginning on or after 1 January 2005 (i.e. 30 June 2006 was the first report prepared under IFRS - equivalent standards for June year ends). To this end, Australia, along with Europe and a few other countries, was one of the initial adopters of IFRS for domestic purposes (in the developed world). It must be acknowledged, however, that IFRS and primarily IAS have been part and parcel of accounting standard package in the developing world for many years since the relevant accounting bodies were more open to adoption of international standards for many reasons including that of capability . </P>

The number of countries in which financial reports are prepared using global accounting standards is