- EU required public listed companies to follow IFRS
- For countries that have not fully adopted IFRS, accounting standard setter tried to coverage their standard with IFRS
- SEC no longer require IFRS reporting firms to reconcile financial report to U.S GAAP.
- IFRS convergence is ongoing in Japan, China…
Barrier to developing universally accepted set of financial reporting
- Different standard-setting bodies and regulatory authority of different countries disagree on best treatment on items or issues.
- Political pressure from business group and others who will be affected by changes in reporting standard.