- Counties have different laws that apply in different business entities. This has made it a challenge to come up with uniform conceptual framework for preparation and presentation of financial statements.
- Some countries in the world have not yet subscribed to the International financial standards and there still preparing financial statements in their own ways.
- There have been a lot of political interferences in the setting of standards and these have led to establishment of various standards that are not globally acceptable.
- Several countries in the world do not enough trained personnel in accountancy who may be able to implement the change in accounting that from time to time.
- Different countries have different economic activities that may be different from another country and as such an a country framework as set may not easy apply in some countries in the world.
- Language barrier may also challenge.