International Convergence
The listed companies of European Union State including UK, France and Germany, have adopted IFRS since 2005. Developed country like US has given an option its companies to voluntarily adopt IFRS Standard; Whereas Canada requires all listed entities to follow IFRS from January 01, 2011. Asian countries like China has converged its national standard to IFRS standard. The process of converging towards IFRS is still going on in India. Japan has permitted multinational companies in its region to prepare its financial statement as per IFRS.