A study commissioned by the board of the International Federation of Accountants has issued a series of recommendations to the financial reporting "supply chain" in order to achieve convergence on global accounting and auditing standards.
The study, "Challenges and Successes in Implementing International Standards," identified a series of six primary challenges to achieving convergence, including developing standards capable of translation, establishing processes that facilitate high quality translations of standards to accommodate non-native English speakers, and identifying convergence challenges for both the accounting firms and small and midsized businesses.
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