Challenges and successes in implementing international ...

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. Before these benefits can be fully realized, however,there must be greater convergence to one set of globally accepted high quality standards.

tives – regulators, standard setters, preparers from entities of various sizes, auditors from large and small accounting firms, and investment professionals – and shared a com-bination of organization-wide and personal views. Appendix 1 contains a list of focus groups, interviews, and respondents to the invitation to submit written responses.

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