Benefits of convergence and Harmonisation
Increasing the comparability of financial statements prepared in different countries, thus, providing participants in international markets with better quality information for decision making.
Decreasing barriers ti international capital flows and increasing the understanding by foreign investors of Australian financial statements.
Reducing the financial reporting costs for Australian multinational companies and foreign companies operating in Australia.
Facilitating more meaningful comparisons of the financial performance of reporting entities and the financial position of reporting entities.
Moving financial reporting in Australia towards best international practice.