1. Applying national accounting standards meant amounts reported in financial statements might be calculated on a different basis. Unpicking this complexity involved studying the minutiae of national accounting standards, because even a small difference in requirements could have a major impact on a company's reported financial performance and financial position for example, a company may recognize profits under one set of national accounting standards and losses under another."

(IFRS, 2021)

Required:

Describe the different methods that companies can use to report to foreign users of accounts and critically discuss the impact of global accounting convergence on investor perceptions