Debates on whether the converged International Financial Reporting Standards have resulted in harmonised international accounting practices across countries have been growing over the last ten years. Study based in emerging economies, such as China (He et al., 2012), Romania (Albu et al., 2014), India, Pakistan, and Bangladesh (Ali et al., 2006), South Pacific Island countries (Chand, 2005), United Arab Emeritus (Irvine, 2008), and Turkey (Misirlioglu et al., 2013), have consistently reported the challenge of effectively implementing IFRS in those countries due to country-specific contextual issues. Nobes (2015) also reported challenging issues in implanting IFRS in developed countries.
Assignment questions
1. Prepare a report critically arguing why having a single set of accounting standards (i.e. IFRS) for a world-wise use is inherently problematic.
2. Review literature explaining the contextual issues of implementing IFRS in emerging economies and in developed countries.
3. Critique whether adoption and use of IFRS will lead to improved financial reporting quality.

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