Innovations in International Accounting and Taxation System in Global Arena; Challenges Ahead

The concept of international accounting standards and taxation system is main area of discussion during this paper. In global arena, now days the use of international accounting standards and its implementation in different industries for taxation system is growing and hence this imposes the many challenges. The international standard initially introduced during the year 1960's, however it's adopted in current business environment as well as economy. Different innovations in international accounting as well as taxation system worldwide are addressed by different countries governments and policymakers. The primary reviews suggested that lenders, investors, as well as different industries prefer to use such international accounting standards and taxation system in order to deliver the best financial reporting. The aim of this research article is to present the various innovations in the international accounting and taxation system over the global arena, also the different future challenges in this area