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Harmonization of Financial standards and reporting standards
Finance & Accounting
Pages 8 (2008 words)
Harmonization of Financial standards and reporting standards Introduction In existing period of time, practices undertaken by business organizations have become quite globalized. In order to address different problems of international business environment such as intensive competition and dynamic business conditions, business organizations are undertaking international business expansion strategy.
In relation to this discussion, the integration of accounting practices followed by the company with that prevailing within the host country is also an important issue faced by the company in its global business practices. In order to address this issue, the phenomena of harmonization of different accounting standards and practices and emergence of a common set of accounting standards has come into lime light (Choi, Frost and Meek 1999). In this context, the paper aims to discuss the phenomena of harmonization and evolution of one common set of accounting standards in the most empirical manner. The paper intensively focuses upon financial and reporting standards and need of their harmonization. The paper also investigates the significance of different international bodies and organizations such as International Accounting Standard Board (IASB), International Federation of Accountants (IFAC), and Accounting standards Board (ASB) in the context of making the process of harmonization of reporting and accounting standards more smooth and effective (Deegan and Unerman 2011). ...
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