15 May 2017, IFRS Foundation and World Bank deepen cooperation to support developing economies in their use of IFRS Standards, Joaquim Levy, Managing Director and CFO of the World Bank Group (2017), said: I am delighted that the World Bank and the IFRS Foundation are working more closely together in establishing consistent financial reporting standards in emerging market and developing economies

Why do you think the Word bank is providing the support and what are the three benefits of IFRS Standards promoted by IFRS Board?