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 It would reduce the time, effort, and expense of preparing multiple reports.

 It would make it easier to monitor and control subsidiaries from foreign countries.

 It would follow the same process that many American agencies already follow.

 It would offer more flexibility in the accounting practices.

 It would make it easier for all companies to do business in foreign countries.

 It would help to streamline the system by creating one centralized authoritative body.

 It would be helpful to newer investors and smaller investments.

Limitations of IASs/IFRSs:

 It would lead to concerns with standards manipulation.

 It would increase the amount of work placed on accountants.

 It would require changes at the educational level as well.

 It would still require global acceptance to be useful.

Professional ethics

Professional ethics encompass the personal, organizational, and corporate standards of behavior

expected by in simple words we can say that professional conduct of an individual.

FUNDAMENTAL PRINCIPLES:-

 Integrity

 Objectivity

 Professional Competence and Due Care

 Confidentiality

 Professional behavior

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