If standards increase the level of agreement and practices between countries, I'm almost positive that one company can use a single set of financial statements in all financial markets. You know what I'm finding out is that differences between U.S. GAAP and IFRS are decreasing as the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) go after achieving a single set of accounting standards for global use.

But I believe IFRS modifies whenever necessary. What do you think of this, if there was just one set of accepted accounting principles?