FINANCIAL REPORTING CHANGES IN THE CONTEXT OF THE INTERNATIONAL ACCOUNTING CONVERGENCE
FINANCIAL REPORTING CHANGES IN THE CONTEXT OF THE INTERNATIONAL ACCOUNTING CONVERGENCE

Summary/Abstract: The extent to which globalization manifests itself into the world, leads to widening the efforts to achieve international convergence of accounting. Signing the agreement in 2002 on the convergence of international accounting standards and U.S. accounting standards, represents a milestone in this endeavor. In addition, many of the countries have implemented or intend to apply International Financial Reporting Standards. International accounting convergence is a process that eventually leads to the application of IFRSs worldwide (Wong, 2004). The paper attempts to establish the obstacles to international accounting convergence and analyze the effects of IFRSs on financial reporting worldwide

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