Read the following paper: Hellmann, A., Perera, H. & Patel, C XXXXXXXXXXContextual issues of the convergence of International Financial Reporting Standards: The case of Germany. Advances in...

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CRITICAL EXAMINATION OF INTERNATIONAL ACCOUNTING STANDARDS BOARD 
Table of Contents
Table of Contents    2
Introduction    3
Critical Examination of IASB    3
Convergence of Accounting Standards    4
Difference between De Jure and De Facto Convergence    4
Critical Examination of Issues Related to Convergence    4
Issues not taken up in Journal    5
Conclusion    5
References    6
Introduction
It is evident that accounting and financial reporting are the way to communicate business information which is further affected by the socio political and economic factors of a country. For bringing uniformity in the financial reporting across globe, International Accounting Standards Board (IASB) was formed in April 2001. The report critically examine IASB using the case of Germany as it is is part of Continental European accounting model and does not reflect the Anglo American background of IASB.
Critical Examination of IASB
IASB further set up the International Financial Reporting Standards (IFRS), which is an independent, accounting standard-setting body. IASB succeeded the International Accounting Standards Committee (IASC) (Flower & Ebbers, 2018). Following were the objectives of IASB
IASB's objectives
1. IASB was established with the purpose to design and develop worldwide acceptable comprehensible uniform set of financial reporting measures. These standards should be in public interest and acceptable by the stakeholders
2. IASB has the objective to encourage the use and careful persuasion of the standards.
3. While achieving the above two objectives, IASB has to consider requirements of the different types and range of entities in varied economic environments (Flower & Ebbers, 2018).
4. To ease out the acceptance of IFRS by convergence of general accounting standards and IFRS.
Over 100 countries have accepted theses standards; however there are...