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The worldwide adoption of IFRS is something that many people do not agree on. In...

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Accounting

The worldwide adoption of IFRS is something that many people do not agree on. In my opinion I think the worldwide adoption of IFRS would result in global comparability of financial statements. The IFRS was originally started to bring consistency to accounting standards and practices no matter what company it is or what country it is located. The IFRS also creates better transparency for companies that are alike.

With the good also comes the bad. IFRS is principle based compared to being rule based and this could cause some confusion on how certain things are interpreted. There also could be some language barriers that could cause issues.

As long as the companies are using integrity and stewardship and not using the IFRS wrongly and trying to not report things or trying to low ball companies when comparing because they interpreted something differently.

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