THE IMPACT OF INTERNATIONAL STANDARDS ON ACCOUNTING AND AUDITING

Abstract

This article delves into the significant impact of international standards on accounting and auditing practices worldwide. It discusses how these standards facilitate global harmonization, leading to consistency and comparability in financial reporting across different jurisdictions. The article also explores the enhancements in financial reporting quality and transparency brought about by these standards, highlighting their importance in regulatory compliance and the promotion of global best practices. Furthermore, it addresses the professional development necessitated by these standards and the challenges organizations face in their implementation, including the associated costs and the need for adaptation to global norms.