StudentShare solutions
Triangle menu

Harmonisation of Accounting Standards - Essay Example

They include UK GAAP, IAS, US GAAP etc. More positive, however, has been the improvements in recent times in terms of global convergence; this has convinced various stakeholders that there is still hope that harmonization can be achieved sooner rather than later. Local and international standard setting agencies have initiated harmonization projects that have largely been successful; it will therefore not be too long before a common set of standards guides and controls the accounting world. This will give the accounting profession an identity of legal discipline in its truest sense. This paper examines the issue of harmonization and other aspects that relate to it, for example challenges and advantages. Key Words accounting standards, harmonization of accounting standards. Introduction The harmonization of accounting standards has developed into a hot topic among accounting professionals all over the world (Black 2007, pg.26). Accounting standards can be defined as authoritative statements issued by acclaimed accountancy agencies that relate to different aspects of treatments, disclosures and measurements of accounting events and transactions, and that signify best accounting practices. ...
For example, in the United Kingdom (UK) electrical and electronic engineers abide by the Institute of Electronic and Electrical Engineers’ (IEEE) standards and principles that define and shape their professional practices (Samir 2003, pg.20). Why, then, is it so difficult for accountants to have a common set of codes that create some uniformity in their line of work and their practices? Over the years, it has been widely acknowledged that the differences in existing standards in various countries have so often been greatly underestimated. As a result of this, achieving uniformity has been a herculean task of sorts; the first step towards failure is usually underestimating the gravity of a problem (Srkant 2005, pg.64). As a consequence, attention has shifted towards understanding the various accounting standards in existence and trying to address how they can be merged. Although it has been met with huge obstacles, results have been better than in previous attempts. History of Harmonization The concept of harmonizing accounting standards dates back to the 19th century when the notion of “International Accounting Standards” was put forward in the 1st International Congress of Accountants which was held in St. Louis in 1904. In 1957, at the 7th International Congress of Accountants in Amsterdam, Mr. Jacobkraayenhof discussed the need for international accounting standardization and cooperation. In 1966, talks were held among various professional bodies like the Association of the Institute of Certified Public Accountants of America, the Canadian Institute of Chartered Accountants and the Institute of Chartered Accountants of England and Wales (Siegel & Shim 2006, pg.33). The talks were led by the then President of the Institute of ...Show more


HARMONISATION OF ACCOUNTING STANDARDS (Author’s name) (Institutional Affiliation) Abstract Efforts to harmonize accounting standards began decades ago, with the primary objective being the need to provide a professional shape and essence to accounting standards and the harmonization process in general (Organization for Economic Co-operation and Development 2007, pg.17)…
Author : mpowlowski
Harmonisation of Accounting Standards essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Harmonisation of Accounting Standards"
with a personal 20% discount.
Grab the best paper

Check these samples - they also fit your topic

Finance and Accounting Essay: Advanced Financial Accounting
IAS 19 sets out standards related to employee benefits offered by business entities. Its main objective is to prescribe the disclosure requirements and accounting procedures to be followed regarding employee benefits.
12 pages (3000 words) Essay
International Accounting
Accounting is regarded as the language of business and hence IASB insists that accounting must speak an international language. In order to make global business transactions easier, the IASB/IASC had dealt with different accounting practices across the Europe in association with EU.
6 pages (1500 words) Essay
Harmonisation of International Accounting Standards
The international accounting community has been struggling to achieve the goal of harmonizing the accounting standards around the world and the period of last five years particularly depicts a picture of their continued efforts in convincing the world towards the unification of accounting standards and principles.  
4 pages (1000 words) Essay
Accounting Research
Accounting research happens to be one of the most important and widely recognised fields of research because of its relevance to the determination and evaluation of several important economic and social factors. The accounting theories can play a significant role in informing investors, individuals, practitioners as well as corporations regarding the capital market functioning, stock price movements, investor reaction and impact of information etc.
6 pages (1500 words) Essay
The role and structure of IASB
This group formulating and developing accounting standards turned out to be the basis of the establishment of an independent accounting body for the purpose of issuing accounting standards to be used worldwide, which was named as International Accounting Standards Committee (IASC) (Knowledge Guide to International Accounting Standards, accessed 14.02.06).
8 pages (2000 words) Essay
The Harmonisation Of International Reporting Standards
There are substantial differences between the UK GAAP and the US GAAP, for example. There are also differences between the UK GAAP system and the International Accounting Standards (IAS) and the International Financial Reporting Standards to which thousands of companies, including many Irish companies, will convert within the next few years.
17 pages (4250 words) Essay
Global accounting standards
However most of the European countries had already embarked on their convergence towards the international standards for financial reporting. The United States' standards setting body, FASB is consistently working towards the convergence of US GAAP to the international accounting standards in response to international pressures.
8 pages (2000 words) Essay
The Harmonisation Of International Reporting Standards Essay
Reinforcing the positive incentive is the realization that a capital market, which ignores the development of a global accounting system, may find itself with a unique set of accounting standards while the rest of the world relies on a common set of accounting standards.
12 pages (3000 words) Essay
The role and structure of IASB
te of Chartered Accountants of England and Wales (ICAEW), American Institute of Certified Public Accountants (AICPA) and Canadian Institute of Chartered Accountants (CICA) explicated and raised the issues arising out of discrepancies in the accounting standards around the world
8 pages (2000 words) Essay
Who has been more successful at harmonising financial reporting the EU or the IASB Give reasons for your judgement
The answer lies in the external environment both political and economical. Formation of European Union was for economical and political integration of the region but it could not be achieved unless the reporting standards are made
6 pages (1500 words) Essay
Hire a pro to write
a paper under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
Comments (0)
Click to create a comment
Let us find you another Essay on topic Harmonisation of Accounting Standards for FREE!
Contact us:
Contact Us Now
  • About StudentShare

  • Testimonials

  • FAQ

  • Blog

  • Free Essays
  • New Essays
  • Essays

  • The Newest Essay Topics
Join us:
Contact Us