Summary |
The publication of this fifth edition coincides with the convergence in accounting standards that has been a future of the international landscape since the global financial crisis of 1998. The events of that year prompted several international organizations, including the World Bank and the International Monetary Fund, to launch a cooperative initiative to strengthen to strengthen the global financial architecture and to seek a longer-term solution to the lack of transparency in financial information. International convergence in accounting standards under the leadership of the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) in the United States has now progressed to the point where more than 100 countries currently subscribe to the International Financial Reporting Standards (IFRS)
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