e paper focuses on the difficulties and huddles facing the harmonization of accounting standards and practices and provides a possible solution to the problems it is facing.
The paper also discusses the various economical issues that deal with intangible assets in an organization. It states the ways in which intangible assets are valued and how they positively and negatively affect the financial statement and status of the organization. The paper further discusses the implementation of the code of corporate governance by using Omantel Company as a case study. It also evaluates how the company has implemented a code of corporate governance.
The harmonization of the standards and practices of accounts all over the world is the process of bringing together concepts of accounting to a common position. In the world, every country and organization has its own practices and standards of accounting. The harmonization of accounting standards all over the world has been a major concern especially among professionals in accounting. This process involves the convergence of different international accounting standards with the aim of coming up with a similar financial statement all over the world. The harmonization of accounting standards has been a major concern among countries that are involved in trading activities with countries with different accounting standards. Because of the difficulties that come along with varying accounting standards, professionals see the need of harmonizing the accounting standards so as to make trading processes easier Ashley, Leatherbury, Machuca and Philips, 2012).
If the accounting standards in the world are converged together, the economy of the world will be in a good position in several ways. The coming up with financial statements would be much easier because only a common standard would be used in making the report. As for now, coming up with one financial report statement is difficult because of the use of different accounting