Globalization of Financial Reporting: IFRS - the paradigm shift in financial reporting

Abstract

Globalization is all about producing or manufacturing in geographies where it is more productive and the refore cost efficient and selling in markets that bring the highest value to an organization. There are a number of imperatives for a corporation to go global be it the growth imperative, the productivity imperative, the knowledge imperative or globalizations of its client/customer base or the peer group of the company.