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By Parmod Chand,Christopher Patel

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Financial reports are not likely to be useful if professional accountants are not able to interpret and apply the adopted IFRS in a consistent manner. Implementation and enforcement of IFRS may be problematic for small South Pacific Island nations. International Convergence of Financial Reporting Standards 29 The findings also show that small countries such as Fiji may find it difficult to adopt all the IFRS at once. In response to the problems of ‘‘irrelevance’’ and ‘‘standard overload,’’ Fiji has chosen selective adoption of IFRS.

While the forces of globalization and convergence are moving accounting practices toward a unified, or at least harmonized, regulatory framework for financial reporting, this is unlikely to best serve the diverse interests of the disparate user groups of financial reports. , 2005; Saudagaran, 2004). Such accountability is clearly required for corporations with multiple stock exchange listings over different jurisdictions. Reporting under the same regulatory framework in all jurisdictions will certainly reduce costs and has the potential to ameliorate transparency.

1 Developing such financial reporting standards seems to be a legitimate role for the IASB and its forerunner the IASC. 2 Prima facie, the IFRS project an aura of objectivity by transcribing complex ‘‘local reality’’ into universal recognizable and acceptable information (Saravanamuthu, 2004, p. 296). ’’ Assuming that IFRS are relevant to all societies, the factors causing the differences among the nations are regarded as too simplistic and are seen to be easily effaced. This view fails to acknowledge that even with the establishment of a single set of financial reports, institutional differences in infrastructure, culture, legal requirements, and socioeconomic and political systems between nations have contributed to the large scale of international differences in financial reporting (Ampofo & Sellani, 2005; Nobes & Parker, 2004; Radebaugh & Gray, 2002; Saudagaran, 2004; Schultz & Lopez, 2001).

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Achieving Global Convergence of Financial Reporting Standards. Implications from the South Pacific Region by Parmod Chand,Christopher Patel

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