About the Book
The increasing integration of the world capital markets and the explosive growth of cross-border financial transactions in 21st Century have made it an imperative need to create a common world-wide language for communication of financial information. This present lack of a common accounting language imposes significant burdens on those financial regulators that have to deal with financial reports prepared under different frameworks. The existence of diverse financial reporting frameworks also creates problems for those involved in cross-border investing and cross-border security listings. There is a growing realization that a globally accepted common language will aid world economic growth by enhancing the efficiency of capital markets around the world. Convergence of accounting standards is the need of the hour for the purpose of maintaining the uniformity of accounting and reporting practice.