International Financial Reporting Standards (IFRSs)

  The “convergence” to the International Financial Reporting Standards (IFRSs) remain challenging for many countries outside Europe. It is argued that even after a decade-and-half long period of their being “adopted” in Europe, the “convergence” to the International Financial Reporting Standards (IFRSs) remain challenging for many countries outside Europe. You are required, considering the above claim, write an ESSAY of about 1,250 word-length discussing critically why this has been the case. To make your essay more focussed in orientation, you may choose any ONE of the following countries (see below) discussing clearly why there remains significant challenges for the country you chose to fully converge to the IFRSs. • India • Japan • Egypt For a coherent writing (the chosen country for this essay), you may wish to consider the critical factors such as (1) Culture and Religion, (2) Economic history, (3) Political motivation, and (4) Business and or Financial Markets from a regulatory perspective;