Over the last decade, the adoption of IFRS has grown tremendously. The international accounting standard-setting process has claimed several successes in achieving greater recognition and use of IFRS. A significant breakthrough came in 2002 when the European Union (EU) adopted legislation that required listed companies in Europe to apply IFRS in their consolidated financial statements. The ruling came into effect in 2005 and immediately started getting adopted by more than 8,000 companies in 30 countries, including France, Germany, Italy, Spain, and the United Kingdom. The adoption of IFRS in Europe means that IFRS has replaced national accounting standards and requirements as the basis for preparing and presenting group financial statements for listed companies. This adoption is considered by many a significant milestone in the history of international accounting. Outside Europe, many other countries also have been moving to IFRS. By 2005, IFRS had become mandatory in many countries in Africa, Asia, and Latin America. In addition, Brazil, Japan, Hong Kong, New Zealand, the Philippines, and Singapore have adopted national accounting standards that mirror IFRS. Australia adopted IFRS and also based its public sector reporting on IFRS. Today, IFRS is being used in over 100 countries. A significant number of global Fortune 500 companies already use IFRS. This number will increase by 2023 with further conversions to IFRS by major international players (most notably Canada and India) and substantial convergence of local GAAPs in China and the US to IFRS.