why does the financial industry needs to go global? Why and how should it?

Answer 1

Right now the financial profession around the world subscribes to generally 2 sets of GAAPs - the US GAAP (used by the US and its ex-colonies) and the IFRS (used by the EU, Asia and Pacific). This makes comparison of financial statements from different parts of the world difficult and maybe even meaningless. So there is now a convergence project in the works where the 2 main bodies are trying to narrow the gap and remove or minimise the differences between the 2 sets of standards. The link will give you more info.

Convergence Issues - IFRSs and US GAAP