Convergence and the Implementation of a Single Set of Global Standards: The Real-Life Challenge

This paper addresses the impact of convergence on auditing firms by focusing on the adoption of International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB). While the adoption of the IFRSs by companies around the globe is intended to achieve convergence in accounting by eliminating different national approaches to financial reporting, many challenges arise from the process of adoption of the IFRSs, as well as from the ongoing and still incomplete process of convergence of national standards with the IFRSs