Transcription of Challenges and successes in implementing …
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CHALLENGESANDSUCCESSESINIMPLEMENTINGINTE RNATIONALSTANDARDS:ACHIEVINGCONVERGENCE TOIFRSSANDISASSEPTEMBER2004As the forces of globalizationprompt more and more coun-tries to open their doors to foreign investment and as businesses themselves expandacross borders, both the publicand private sectors are increas-ingly recognizing the benefits of having a commonly under-stood financial reporting framework supported by strongglobally accepted auditing benefits of a global financial reporting frame-work are numerous and include: Greater comparability of financial informationfor investors; Greater willingness on the part of investors toinvest across borders; Lower cost of capital; More efficient allocation of resources; and Higher economic growth.
BACKGROUND 4 CHALLENGES AND SUCCESSES IN IMPLEMENTING INTERNATIONAL STANDARDS: A s the world continues to global-ize, discussion of convergence of national and international standards has increased signifi-cantly.
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