As the world stands perplexed at the recent spate of corporate governance and financial reporting problems that have rocked the US capital markets, it is hard to imagine anything good currently pervading the world financial community. But there is some good news coming from the world of international commerce; indeed, some may even describe it as revolutionary. This silver lining peeking through these dark clouds of corporate corruption is the tremendous progress that is now being made towards achieving one global financial reporting language. As early as a decade ago, some people noted that if we cannot get the world to agree about on what side of the street to drive, what chances do they have of harmonizing international accounting standards – an area where too many nations have vested interests in maintaining their own standards and practices? This paper examines the role of the major players in bringing the world closer to a universal accounting language and also argues that, perhaps, this historic accomplishment, is only about five years away.
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