This commentary reviews the current status of the global use of International Financial Reporting Standards (IFRS) and offers thoughts on the prospects for truly global financial reporting. The shift towards global use of IFRS is one of the biggest changes in financial reporting history. Although many countries require or permit the use of IFRS by firms listed on their capital markets, the global shift to IFRS is incomplete—both in terms of the required or permitted use of the standards and in terms of their varied application and enforcement around the world. In addition, the International Accounting Standards Board (IASB) has an active agenda to improve the existing standards. Thus, the lofty goal of truly global, high-quality financial reporting has not yet been achieved. In fact, it probably is not completely achievable—there always will be variation in application and enforcement of the standards as well as scope for improving them. However, we can come closer to achieving the goal. It would be premature to abandon the goal now thereby forgoing the potential benefits it promises. Rather, we should develop plans for the next phase of the journey towards truly global financial reporting.