Many businesses believe IFRS is irrelevant to them until the possibility of a cross-border transaction arises. The rising globalisation of businesses and finance has been the main force behind the push for convergence. The necessity for harmonising accounting standards is now increasingly recognised by the global corporate community and regulators.

Changing to IFRS has advantages such as improved comparability, lower compliance costs, and simpler access to capital markets. Additionally, as IFRSs are largely based on principles, their application would result in a better reflection of the actual content of transactions. Ultimately, we can anticipate a significantly better global accounting regulatory environment with the employment of an unified financial reporting language. The organisation and all of its stakeholders, including its investors, lenders, and regulators, would gain from this.