The purpose of this report is to provide relevant background information on the history and status of international IFRS convergence. The history of international IFRS convergence has shown significant growth in convergence over time, from the 1960s to the present. With many major stakeholders such as the IASB, the FASB and AASB agree to work collaboratively to improve and converge towards international standards. The report is expected to shed more light on current developments in the relationships between these major players in international financial reporting standards. Many other major bodies responsible for standardizing financial markets have since coexisted and cooperated with the stated aim of issuing convergent standards. In conclusion, this report will present possible implications that could be considered when improving developments for the future of international financial accounting standards. These include further research into the issuance of standards, new strategies for enforcing standards and minimizing complexity. Convergence projects between the IASB and the FASB are coming to an end. While focusing on speculation about the implications of evolving international accounting standard-setting arrangements, Russell G.'s New Vision remark will identify the history and status of international convergence of IFRS; the current highlights of the development among the main players of international financial reporting standards and finally discuss the possible implications of these developments for the future of the international economy...... middle of paper ...... simplify its standards wherever possible. The complexity of some IFRS requirements may discourage some countries from fully adopting the standards. IFRS should focus more on ensuring financial reporting facilities for international investments and trade by meeting the changing needs of international investors and businesses, rather than achieving complete uniformity. Conclusion: This report examines the history and status of international convergence of IFRS, current developments in relation to international financial reporting standards and the possible implications of these developments for the future of international financial reporting standards. It was determined that implementing a new enforcement strategy, requiring regulators to collaborate and produce consistent enforcement, would not only reduce complexity but also improve uniformity..