Converting financial reporting from local GAAP to International Financial Reporting Standards (IFRS) can offer several advantages for companies, including:

1. Global comparability: IFRS is adopted by more than 100 countries around the world, making it a globally recognized set of accounting standards that can promote consistency and comparability in financial reporting across different countries and regions.
2. Access to global capital markets: Using IFRS can increase access to global capital markets, as investors and lenders are more likely to invest in or lend to companies that use globally recognized accounting standards.
3. Enhanced transparency and credibility: IFRS requires companies to provide relevant and meaningful disclosures in their financial statements, promoting transparency and helping stakeholders make informed decisions. Using IFRS can also enhance the credibility of financial reports, as IFRS is widely recognized and trusted by investors and regulators around the world.
4. Improved accuracy and reliability: IFRS provides guidance on how to measure and report financial transactions and events, helping ensure the accuracy and reliability of financial statements.
5. Simplified reporting: Converting to IFRS can simplify financial reporting for multinational companies, as they only need to prepare and report their financial statements using a single set of accounting standards.
6. Improved risk management: IFRS promotes sustainability reporting, which can help companies identify and manage risks and opportunities related to environmental, social, and governance (ESG) issues.

Overall, converting financial reporting from local GAAP to IFRS can offer several advantages for companies, including global comparability, improved access to capital markets, enhanced transparency and credibility, improved accuracy and reliability, simplified reporting, and improved risk management.