Since the emergence of Accounting in 1494 by the help of Luca Pacioli, the subject matter has continually evolved and has become a prominent subject in the sphere of world business activities. Today, not many businesses and nations can do without accounting. A lot of structures such GAAP, SSAP, IAS and IFRS have evolved at various stages to guide the practice of accounting. This report seeks to
look in details “
The convergence to IFRS
–
Reasons, implications, applicability, and concerns
”
by demonstrating the following:
Why was there a need for converting from GAAP to IFRS.
The difference between the IAS and IFRS.
Application rate of IFRS by countries in the world focusing of full, partial and no application of IFRS by jurisdiction basis and thy reasons.
The advantages and challenges faced in IAS/IFRS application.
And whether IAS/IFRS can be applied in all contexts.