There are currently more than 144 jurisdictions requiring IFRS Standards for all or most companies. Research shows that the widely adoptions of IFRS were influenced by different reasons (Guerreiro et al., 2012; Albu et al., 2014). For some countries, they were strongly motivated by the fact that IFRS standards provide a high quality, international recognized accounting standards that bring transparency, accountability and efficiency to financial markets around the world. However, some other jurisdiction believe they were forced to adopt the standards by their colonial masters as the accounting legacy left in their countries are broadly in line with IFRS standards. There are also studies showing that local businesses are not in need of IFRS standards, but the states are forced to adopt IFRS standards by powerful international organizations such as the Asian Development Bank, International Monetary Fund and World Bank (Irmawan, 2010).
Given the existing history of colonial experience in the world, you are required to write a 1000 word essay on the worldwide adoption of International Financial reporting Standards (IFRS). It is important to highlight that economy was the major motive of colonialization. You are free to argue as the fact that there are many people and countries that are convinced on the huge benefit of IFRS adoption.