. The IASB's main objective is to develop a set of high-quality standards for 21. financial reporting by companies at the international level. Required Critically examine the possibility of achieving this objective 02. How, does harmonization differ from Convergence? What are the potential benefits that a multinational corporation could derive from the International Convergence of accounting standards? 03. The change in focus from harmonization to Convergence or global standard setting marked the beginning of a new era in International Financial Reporting. Required: (a) Describe the Process of Restructuring the IASC into the lASB. (b) Present the composition of IASB with the geographical regions, identify the dominant and lesser or non-representation and why. ntify the most important financial accounting practice for each of the following countries, which is at variance with IFRS. Also, explain the reas for your selection: a) China b) Germany c) United Kingdom d) Japan e) India Q4. Ide