The purpose of this report is to examine the changes in the developments of global financial reporting standard setting over time, seeing as the era of close operation and convergence projects between the IASB and the FASB is ending. Whilst focusing on the speculation about the implications of changing international accounting standards setting arrangements has transpired on the remark of a new vision by Russell G. The report will identify the history and status of international IFRS convergence; the current highlights in development between major players in international financial reporting standards and finally discuss the possible implications of these developments for the future of internat...
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... simplify its standards wherever possible. The complexity of some IFRS requirements may discourage some countries from fully embracing the standards. IFRS should focus more on ensuring financial reporting facilities international investment and trade by meeting the evolving needs of international investors and businesses, rather than achieving complete uniformity.
This report has examines the history and status of international IFRS convergence, the current developments in relation to international financial reporting standards and the possible implications of these developments for the future of international financial reporting standards. It has been determined that the implementation of a new strategy for enforcing standards upon regulators to collaborate and produce consistent enforcement would not only minimise complexity, but improve uniformity.
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