International Convergence and Implementation of International Financial Reporting Standard

With the increasing globalization of markets, the need for using of foreign investment opportunities and access to comparable and reliable information and reduce the cost of comparison of financial statements that are prepared using national standards, lead to tend to harmonization and convergence of accounting standards in the country. Coordinate, which is defined as an agreement at the international level in order to better understand the optimal flow of information takes place. The International Financial Reporting Standards are effective tool for increasing transparency and intelligibility information in the business of financial institutions. The purpose of this paper is to examine the adoption and challenges of international financial reporting standards and harmonization whit national standards of accounting.