As the world became more globalised efforts have intensified to make guidelines and principles in each area of discipline internationally acceptable, since companies and institutions were now operating globally. The merging of accounting rules and IAS, FASB and GAAP into IFRS regulations are an example of this global trend.
In this way self-regulatory organizations and professional organizations have had a tremendous impact on the regulatory world in promoting uniformity, reliability and comparability of information across the globe. Today regulatory guidelines and guidance notes issued by professional bodies governing operations across the globe on a broad range of topics have been widely encouraged and accepted.