Article
A Research Paper on a Comprehensive Analysis of Global Accounting Convergence, Standards, and Practice
International Financial Reporting Standards (IFRS) constitute a globally recognized body of accounting principles issued by the International Accounting Standards Board (IASB) with the objective of bringing transparency, accountability, and comparability to financial reporting worldwide. This paper provides a comprehensive examination of IFRS, tracing its historical development from the International Accounting Standards Committee (IASC) era through the creation of the IFRS Foundation and the IASB. It analyzes the conceptual framework underpinning IFRS, surveys the major standards governing revenue, leases, financial instruments, and insurance contracts, and evaluates the practical and theoretical distinctions between IFRS and United States Generally Accepted Accounting Principles (US GAAP). The paper further discusses the benefits and criticisms associated with IFRS adoption, reviews empirical evidence on capital market effects, and considers emerging developments such as sustainability reporting under the newly established International Sustainability Standards Board (ISSB). The analysis concludes that while IFRS has achieved substantial success in harmonizing global accounting practice, full convergence remains an ongoing and politically sensitive project, particularly with respect to the United States, which continues to apply US GAAP for domestic filings.