3. It has been argued that a set of international accounting standards can create a common global language for business affairs, and to make company

3. It has been argued that a set of international accounting standards can create a common global language for business affairs, and to make company accounts readable and comparable no matter where companies were. It has also been argued that international accounting standards will bring benefits such as increased transparency, improvement to reporting, to financial statement users to make more informed resource allocation decisions and lower cost of capital. Reflect on this. What are your thoughts?