Pages: 111-121

Abstract

Nowadays, accounting seeks to create global integration both in the markets and in policy-making. The goal of policies is ultimately to diminish the costs of communications and information technology. To develop such integrity, financial reporting standards and its performance must be taken into account. The importance of integration with international accounting standards is clear for every country. Knowing the opportunities and challenges ahead is a crucial part of adopting these standards. This paper, with a descriptive approach and an overview of the relevant literature, examines the necessity of applying international financial reporting standards and its advantages and limitations in Iran. Executive solutions are also provided for their successful implementation. In order to successfully implement international standards, we need to take a realistic look at the capacities, challenges and the status quo. To this end, an integrated approach should be adopted with the interaction of professional institutions. Therefore, the present study probes the role of international standards in improving accounting and capital market transactions.