The purpose of this report is to provide relevant background information on the history and status of international convergence of IFRS. The history of international convergence of IFRS has shown significant growth in convergence over time from the 1960s to the present. With many major players such as IASB, FASB and AASB agreeing to work collaboratively with each other to improve and converge towards international standards. The report is expected to further highlight current developments in the relationship between these important players in the International Financial Reporting Standards. Many other major capital market standards regulators have since co-existed and cooperated with the stated goal of issuing convergent standards. In conclusion, this report will outline possible implications that could be considered in improving developments for the future of international financial accounting standards. These include further in-depth research on issuing standards, new strategies for enforcing standards and minimizing complexity. the convergence projects between the IASB and the FASB are being concluded. As attention focused on speculation on the implications of changing international accounting standard setting provisions, a new vision emerged from Russell G. The report will identify the history and status of international IFRS convergence ; 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 internat...... middle of the document ...... simplify its standards where possible. The complexity of some IFRS requirements may discourage some countries from fully embracing them. IFRS should focus more on ensuring financial reporting structures for international investment and trade, meeting the evolving needs of international investors and businesses, rather than achieving complete uniformity. Conclusion: This report examines the history and state 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 strategy for enforcing standards for regulators to collaborate and produce consistent enforcement would not only minimize complexity, but improve consistency.