Assume that you have been invited to advise the accounting oversight body in one of the former Eastern European countries that became a member of the EU in May 2004. The accounting oversight body is charged with the task of identifying the main issues to be addressed in implementing the use of IFRS.

Prepare a report outlining the key points you would include in your advice to this accounting oversight body.

1- Explain the arguments for international harmonization of accounting standards.

2- Explain potential concerns, if any, related to the adoption of International Financial Reporting Standards.