I concur with Ball's observations, and I believe that the IFRS adopting countries' differences from one another due to the various political and economic issues that affect them will keep them from producing unified financial reporting. Users of financial statements have varying needs for information due to the existence of various political and economic elements, and accounting standards like IFRS neglect the fact that political and market forces are local in nature. A business's accounting is significantly impacted by both market factors and political forces. The following five elements contribute to accounting disparities across nations: Different cultural aspects, as well as variations in users and the information they seek - The information that a user may need in Country A may not be vital information for users in Country B since cultural characteristics vary throughout countries. Government rules and regulations cannot be generalised; they usually remain country-specific and hence range greatly from one country to another. Government enforced rules that vary from one country to another country. Differences between businesses and their industries - Different nations have different industries in terms of their economic structure and composition. The application of accounting standards is not uniform and varies from nation to nation. Managerial incentives, also known as those used to generate financial accounts, as well as those of various enforcers (such as auditors, board members, stock analysts, etc.), continue to be mostly local.