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The remarkable acceptance of IFRS by 140+ countries across the globe indicates that it will become a ‘de-facto’ language for financial reporting globally. A global, uniform standard in financial reporting is much required to achieve definite reporting structure, sustainable reporting of the business affairs, reduce redundancy, enhance comprehensiveness and comparability. However, while talking about global harmonisation in financial reporting, it should be noted that the disparities in accounting standards are not just inter-economy but intra-economy as well. Within a country, gradation in the standards exists.

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