International Financial Reporting Standards : International Accounting Standards

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International Financial Reporting Standards After reviewing some of most notorious challenges facing the IFRS abroad, we focus our attention on presenting information about some of the IFRS successes in pursuing their goal to a single set of financial reporting standards. Since 1973, the International Accounting Standard Committee, now known as the IASB, has been focused on developing a single set of high-quality international accounting standards as an effort to make financial information and financial disclosure more understandable to users around the globe. As the business world became more global, regulators, investors, large companies and auditing firms began to realize the importance of having common standards in all areas of the financial reporting chain (AICPA, IFRS, 2011). As of August 2014, the list of countries that have adopted international accounting standards, or local variants of them, has increased to 173 countries, with six more (U.S., Japan, India, Malaysia, Colombia, and Russia) currently considering adopting IFRS (, 2014). Success in adoption of IFRS by all these countries cannot be reliably measured. Evidence shows that most of the adopters of IFRS have had, to some extent, adapted the IFRS to fit their domestic needs, making it difficult for researches to determine the degree of success from IFRS implementation. For example, a study of more than 3,000 early adopters of IFRS in 26 countries shows that there are reasons to be skeptical
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