The growing global adoption of IFRS as the basis for the preparation of financial statements of large and medium entities has generated the need for Finance and Accounting professionals to gain knowledge and experience of these standards. Even those with a basic understanding of IFRS are required to constantly update their knowledge due to the ongoing and rapidly evolving nature of the subject matter.
The European Commission has made IFRS mandatory for all 7000 EU public companies as from financial year 2005. As of 2005 approximately 9000 listed European companies transferred to IFRS-reporting.
Outside the EU, significant regions such as Australia, Russia, South America, Africa and the Middle East have either adopted or are currently in the process of adopting IFRS. Others including the USA, Canada, China and Japan being already committed to a path of future convergence.