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 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. (Hint:

Refer to the IAS Plus Web site, www.iasplus.

com.)