– `The International Convergence Project is considered to be absolutely necessary in this age of globalisation´. Discuss. The financial statement of a particular business basically contains the accounting information prepared mainly for users external to the company. Several groups known as user groups are interested in accounting financial information relating to a business. Mainly they are outside the business, however they are likely to be stakeholders and that it is why the need the financial statements so as to make investment decisions. Owners, managers, lenders, suppliers, customers, investment analyst, competitors, employees and their representatives, government, and community representatives are the most important groups. There is a clear distinction between managers and owners. The managers´ role is to run and look after the owners´ businesses acting as stewards. Moreover, they are interested in revenues and expenses, focused on monitoring the business performance so as to plan and make decisions. Meanwhile financial information is important for owners, nevertheless they might not be aware of the business performance because they delegate that work to managers