Journal of Contemporary Issues in Business and Government

Abstract

The globalization of capital markets has increased the demand for globally unified accounting
standards. Regulators think that the International Accounting Standards Board's (IASB) International
Financial Reporting Standards (IFRS) provide standardized financial statements. Although a great
number of empirical researches looked into the effects of IFRS adoption, the breadth of these studies
was limited. This article discusses the harmonization of accounting standards and the overall effects
of the implementation of the International Financial Reporting Standards (IFRS) on developing
countries.