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Accounting standards currently take up to 6 years to fully develop from the initial work plan. This is not fast enough to respond to a rapidly changing global, business or accounting world.

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A globally accepted format for reporting creates a template for new or growing markets

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There is no power to enforce compliance with a global standard which sits outside of national legislation

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The IASB is potentially too big to fail and therefore nations, regulators and entities may sustain it even when it is no longer fit for purpose

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Doesn't align with national expectations or obligations such as taxation or economic investment

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Creates a stable infrastructure for national and entity reporting

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Increase in global entities and the expansion of organisations through mergers or organic growth influences their investors, suppliers, customers and staff's expectations

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There is a cost constraint with compliance both with regards to time and money.
This is especially important when considering changes to accounting software or reporting packages

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Individuals/Entities which high lobbying powers could unduly influence the IASB if there is a single reporting body

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With 167 jurisdictions reflected in the make up of the IASB coming to a consensus on a new approach or standard is both timely and complex.

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While the FASB (US accounting body) does not follow the IASB standards the US is the largest financial contributor to the IASB

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The Big 4 will dominate of the accounting, tax and audit market thus creating their version of the standards
[could be a positive in terms of consistency and possibly quality]

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93% of companies in the UK are privately owned. Complex rules and guidance are irrelevant to their business module for many.
[could be considered under desirable]

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Enhanced educational standards and the freedom of movement of accountants mean that all entities in all nations can access the formats and templates.

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The IASB standards are used by 167 jurisdictions showing there is an appetite for a harmonised/comparable reporting framework

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The IASB Accounting standards are written in English and approved in English. Translations are available but some concepts lose their meaning in translation.
True and Fair is not translatable

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The Norwalk .Agreement was signed by the FASB and IASB to "make their existing financial reporting standards fully compatible as soon as is practicable" Significant differences still remain

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If all nations subscribe to the IASB model of accounting standards the IASB will have a monopoly

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The power contained within the IASB enforces smaller nations to comply to ensure that they are able to access resources

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Difficult to correct or alter common practice if there is a clear error or inconsistency with practice

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Removes key local considerations such as language, culture, relation from accounting. Creating a formalised rules driven process

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Creates uniformity of treatment which doesn't reflect commercial practices or provides clear narrative disclosures on how transactions occur

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Creates a monopoly who can dominate the accounting standard guidance (current IASB board are mainly white, male and western - UK/EU educated)

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Stifles local or regional practices which reflect the substance of the transaction

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Creates opportunities for governments to encourage inward investment into nations

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Eases the reporting burden and cost for entities with international presence
- transnational organisations
- global conglomerates
- entities with branches overseas

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Consistent financial standards and information provides a global job market for accountants, allowing global travel and allowing companies to attract the best accounting team for their organisation irrespective of where they trained

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Creates a freedom of movement of goods due to understanding of supplier or customer financial information

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Provides access to investors for less established financial markets and opportunities to attract investment

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Enhances investor decisions by providing understanding of financial statements outside their home market creating:
- wider global markets
- lower risk
- opportunity to spread investments
- access to wider funds for entities

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Harmonisation is not a drive for uniformity but the creation of comparability. Consistency - similar treatment of similar items will result in comparable outcomes

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Harmonization is a process of increasing the comparability of accounting practices by setting bounds to their degree of variation.