In the context of contemporary financial markets, where technological advancements and globalization have significantly transformed business landscapes, discuss the role of financial accounting in ensuring corporate transparency, accountability, and ethical financial reporting practices. Delve into the ethical considerations faced by accounting professionals in today's digital age, exploring issues related to creative accounting, earnings management, and the use of advanced financial instruments. Analyze the potential consequences of unethical financial reporting on stakeholders, including shareholders, creditors, employees, and the broader economy.

Subpart (a): Evaluate the impact of the implementation of International Financial Reporting Standards (IFRS) on enhancing transparency and comparability in financial reporting across multinational corporations. Provide examples of how the adoption of IFRS has influenced financial reporting practices, improved cross-border investment opportunities, and facilitated a more standardized approach to accounting measurements and disclosures. Additionally, discuss the challenges faced by companies during the transition from local Generally Accepted Accounting Principles (GAAP) to IFRS, and propose strategies to overcome these challenges effectively. Consider the implications of IFRS adoption on investors, regulators, and other key stakeholders in the global financial market.