Two of the principal objectives of the IFRS Foundation are:

1. to develop a single set of high quality, understandable, enforceable and globally accepted international financial reporting standards (IFRSs) through its standard-setting body, the IASB;
2. to promote the use and rigorous application of those standards;

Whilst international standards have been widely adopted, this has not been without problems, and many countries, including the UK, still have their own national GAAP for use by unquoted companies.

Required:

You are required to evaluate how successful the IASB has been in achieving the above objectives, and whether their efforts are undermined by the continued use of national GAAP.