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An Executive Guide to IFRS: Content, Costs and Benefits to Business by Peter Walton

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Conclusion

Convergence on a single set of high quality accounting standards has been a key theme in the first decade of the century – which is probably why you are reading this book. Convergence brings lots of benefits for multinational companies and goes a step further towards an easily accessible global capital market. It makes raising capital cheaper and should give investors wider choices. It simplifies international transactions both within groups and by groups.

Convergence … simplifies international transactions both within groups and by groups

The cost of transition may be high, and the benefits may not be reaped by all who have to bear the cost. In addition, application of the standards may not be uniform, even though standard-setters, stock exchange regulators and auditing firms have made a significant effort to reduce difference interpretations.

1 Generally Accepted Accounting Principles – an expression that is used to designate the totality of standards, rules, etc., that govern financial statements in any country.

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