International Financial Reporting Standards are issued by the
IFRS Foundation, an international body set up to harmonise and improve accounting standards throughout the world. The trustees, board, advisory council and committee comprise eminent specialists from several countries.
All EU listed companies are required to use IFRS. Canada requires them from 2011, USA allows IFRS as a departure from US GAAP, Australia and New Zealand operate local identical standards. In the UK there are 619 companies lited on the London Stock Exchange.
The application of IFRS is required or permitted in approximately 100 countries. Many believe that the USA will soon adopt IFRS.