Many countries permit or require their domestic listed companies to use International Financial Reporting Standards (IFRS) in their consolidated financial statements for investor reporting Required Consider the following 10 countries China, the Czech Republic, France, Germany, India, Japan, Mexico,...

The following table summarizes the use of IFRS by domestic listed companies in the 10 countries iden ...

Many countries permit or require their domestic listed companies to use International Financial Reporting Standards (IFRS) in

Question:

Many countries permit or require their domestic listed companies to use International Financial Reporting Standards (IFRS) in their consolidated for investor reporting.

Required:
Consider the following 10 countries: China, the Czech Republic, France, Germany, India, Japan, Mexico, the Netherlands, the United Kingdom, and the United States. For which countries are IFRS
(a) Not permitted,
(b) Permitted,
(c) Required for some, or
(d) Required for all domestic listed companies? Discuss the possible reasons for the observed patterns.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...