Global Accounting and Auditing Standards: the Challenges of Adoption and Implementation

Author:Aziz TAYYEBI, ACCA

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Keywords:international financial reporting standard, small and medium enterprises(SME), international standard audit and assurance, International Accounting Standards Board, International Federation of Accountants

Abstract:
In this article there are briefly presented the implications caused by the adoption and implementation of the global accounting and auditing standards. There is also analyzed the impact these standards have on individual economies and the manner in which these economies try to diminish it.\r\nRobust standards in auditing, ethics and financial reporting underpin the trust that investors place in financial information and therefore, are pivotal in contributing to a country’s economic prosperity and financial stability.\r\nThe benefits of a global financial reporting framework are numerous. Greater degree of comparability of financial information, lower cost of capital and increased investment across borders provide a chain of often quoted exemples.\r\nIn conclusion, there can be stated without any doubt that the benefits of global standards in accounting and auditing are bountiful. For these benefits to come to fruition and for them to be accepted internationally, the professional auditors and accountants from all organisations which settle and regulate these standards must work together.

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