By Parmod Chand,Christopher Patel
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Extra info for Achieving Global Convergence of Financial Reporting Standards. Implications from the South Pacific Region
They range from the adoption of IFRS in their entirety at one end of the continuum, to no convergence or harmonization at the other. Highest Adoption of IFRS in their entirety Convergence of standards Adoption of IFRS selectively or with a time lag Compatibility of standards Adoption of IFRS with amendments and additions to bring them in line with the local environment Continuation with the local accounting standards, but in harmony with the IFRS Harmonization process Continuation with the local accounting standards or countries without a set of prescribed accounting standards Lowest Fig.
It applies to entities that publish general purpose ﬁnancial statements (GPFS) for external users but are not publicly accountable (IASB, 2009). The AASB was one of the ﬁrst national regulators to declare that the IFRS for SMEs in its present format was not a suitable set of requirements for second tier general purpose ﬁnancial statements in Australia. The IASB argues that individual national approaches for SMEs may pose a risk to international convergence, as comparability and consistency would be compromised if alternative approaches existed (Wong, 2004, p.
This is particularly pertinent now when the legitimacy of auditing is under ﬁre, the recent corporate collapses having left the disputed boundary between auditing and consulting as impalpable as ever (Power, 2003, p. 379). In this process of convergence, while meeting the needs of dominant stakeholders – the multinational enterprises and international accounting ﬁrms – little attention is given to the possibility that the existing accounting practices of the individual countries are better suited, at least ostensibly to their local users.
Achieving Global Convergence of Financial Reporting Standards. Implications from the South Pacific Region by Parmod Chand,Christopher Patel