Answered Essay: Find a journal article online about the convergence of International Financial Reporting Standards (IFRS

Discussion Preparation

Find a journal article online about the convergence of International Financial Reporting Standards (IFRS).

Check the Article List created by the instructor, located in the first thread of every forum. Do not choose an article that is already on the list. If the article that you have chosen is already on the list, you must find another article.

Initial Discussion

In the subject line of your post, include the name of the article that you read. Post a link to that article with your initial post, and provide a summary and a reaction to the article. The summary should be approximately 250 words, and the reaction should be approximately 150 words. Reaction should include an opinion or an interpretation of the materials. Some students may apply the reading to work experience, and others may comment on how it might be applied. The summary should describe the major points of the article, and the reaction should demonstrate your interpretation of the article and how you can apply that knowledge.

Expert Answer

Solution:

Convergence of International financial reporting standards simply means when different accounting bodies, groups, principles, and practices of different nations are stopped being different and become more similar. The best example is when recognized international accounting body is working with other recognized accounting body to revise as well as to develop new accounting standards to deal with the diversity and complexities of accounting reporting practices all over the world.Some of the key sources are the official website of IFRS, FASB, and CFAINSTITUTE etc.

Example: Internal accounting standard board ( IASB) is working with Financial accounting standard board ( FASB) to revise as well as to develop new accounting standards to deal with the diversity and complexities of accounting reporting practices all over the world.

Convergence of financial reporting standards will lead to

1. I will enhance the element of reliability, comparability, and validity etc at global context and reduces the judgment of error due to diversity in accounting practices.

2. It will be an economical tool for the companies also who are dealing with global operations i.e. no need to produce and maintain multiple records.

3. It will eliminate all barriers to listing of securities when it comes to cross border listing.

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