IASB & its predecessor organisation have as a stated objective to narrow worldwide differences in accounting practices & the presentation...

IASB (International Accounting Standards Board) is an organization committed to development of uniform accounting practices and standards across different countries so that the same set accounting data is understood easily by investors and other stakeholders from different countries easily, and they can use it to compare performance and position of  companies from different countries.The set of standards released by them is called IFRS (International Financial Reporting Standard).

Specifically, when adopted by Chinese companies, it is likely to benefit also the Chinese investors, investing in Chinese companies only. This statement is made on the assumption that an international standard is will be better than current local standards because of addition care that goes into making of such international standards.

Convergence of Chinese accounting standards and IFRS would mean that the the American investors will get information on Chinese companies in the same format and having the same degree of reliability as the information they get on American companies. This will benefit the US investors investing in Chinese company by making it easier for them to evaluate performance and position of Chinese companies.