By Parmod Chand,Christopher Patel

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18, pp. 605–622. 1. 1 Developing such financial reporting standards seems to be a legitimate role for the IASB and its forerunner the IASC. 2 Prima facie, the IFRS project an aura of objectivity by transcribing complex ‘‘local reality’’ into universal recognizable and acceptable information (Saravanamuthu, 2004, p. 296). ’’ Assuming that IFRS are relevant to all societies, the factors causing the differences among the nations are regarded as too simplistic and are seen to be easily effaced. This view fails to acknowledge that even with the establishment of a single set of financial reports, institutional differences in infrastructure, culture, legal requirements, and socioeconomic and political systems between nations have contributed to the large scale of international differences in financial reporting (Ampofo & Sellani, 2005; Nobes & Parker, 2004; Radebaugh & Gray, 2002; Saudagaran, 2004; Schultz & Lopez, 2001).

It is 36 CONVERGENCE OF FINANCIAL REPORTING STANDARDS apparent that IFRS neither intend nor enable the impacts of corporate multinational enterprises on local communities and their environments to be monitored (see Hove, 1986; Lehman, 2005). These international accounting technologies enable multinational enterprises to create and sustain the nonequilibrium conditions that persist between the developed and developing world (Graham & Neu, 2003, p. 452). Therefore, multinational enterprises in search of increasing levels of wealth may ignore the needs of many (Lehman, 2005, p.

Second, even where standards are relevant, entities may experience difficulty in complying because of their complexity (Chand, 2003, pp. 87–88). This is consistent with the observations made in other jurisdictions that IFRS may at times be totally irrelevant or complex and require amendments before they can be useful for adoption in emerging economies (Devi, 2003; Wong, 2004). Mindful of this, the standard setters in Fiji have delayed the adoption of such standards (Tuinamuana, 2005, p. 8). 20 CONVERGENCE OF FINANCIAL REPORTING STANDARDS Fiji lacks both an independent accounting standards board and legislative backing for the standards.

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