Need information to support the topic of "Covergence Of Accounting Standards" to persuade the audicence need...

Need information to support the topic of "Covergence Of Accounting Standards" to persuade the audicence need about 2-3 pages. In your own words with citiations and references. Other than what the previous expert gave.

Expert Solution

Explanation -

Convergence to accounting standards is a goal to Create the single financial reporting language in the whole world.

There are various reasons which support the goal of convergence of accounting standards.

1) Convergence of accounting standards will benefit the comparability of financial statements. This will then benefit the all types of stakeholders, government, investors.

2) Benefit the economic growth of any country because in increase in foreign direct investment.

3) Convergence gives the more transparent financial reporting language.

4) Convergence will help reduce the cost associated with compliance of different standards in different countries

5) It also reduces the operational challenges.

6) Increase the accountability between stakeholders

7) Increade the flow of International Investments

Today, More than 100 nations approved the single financial reporting language known as IFRS (International Financial Reporting Standards)

References - ABCXYZ - Convergence overview

ekkarill92 answered 1 year ago

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