The International Accounting Standards Committee (IASC) was established in 1973 with the aim of bringing together parties from throughout the world to develop accounting standards that apply internationally. In April 2001, the IASC was replaced by the IASB. The IASB is now responsible for releasing International Accounting Standards or, as they have now become known, International Financial Reporting Standards (IFRSs).

REQUIRED: Given that we are now in 2021, not all jurisdictions have adopted IFRS. What do you think are some of the major obstacles to adopting IFRS? Discuss at least four obstacles. (4 Marks)