Question 1 The International Accounting Standards Board (IASB), the body at the center of international accounting standards convergence, seeks to develop a single set of high-quality global accounting standards and to promote the worldwide adoption of a uniform set of accounting standards. This set of accounting standards is now known as International Financial Reporting Standards (IFRSs). Required: (a) Prior to many countries adopting the accounting standards promoted by IASB, there were a number of important differences between the accounting policies and practices adopted within those countries which formed the barriers to the convergence project. Describe SIX (6) barriers to the international convergence of the financial reporting standards. (13 marks)