ABSTRACT
The world’s economic environment is becoming increasingly interconnected. The role and relevance of minor financial markets have grown, highlighting our cross-border interdependence. Multinational corporations are becoming more commonplace. Investors depend on financial statements, which when built on solid foundations, facilitate flow of capital. As the flow of foreign sources of capital has increased, the need for globally accepted accounting principles has strengthened. International Financial Reporting Standards (IFRS) are uniquely positioned to fill that role.
