Harmonisation of Accounting Standards - Essay Example

Extract of sample
Harmonisation of Accounting Standards

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. ...Show more

Summary

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
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

Related Essays

Australian accounting standards
As a consequence to the failure of the US GAAP, various nations all over the world grew more attracted towards a financial reporting system which is more principle-based. FRC was in support to the system because principle-based rules are the regulator within the capital markets.
11 pages (2750 words) Essay
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
Contemporary Study of the Impact of Standardization and Harmonization of Accounting Standards
Most of the officials of the companies that follow various accounting standards embrace the aforementioned procedure with the anticipation that their financial statements can be recorded or measured in an efficient manner. One of the major advantages that can be identified in relation to harmonisation and standardisation of the accounting standards is that the process facilitates to develop the world economy by increasing international business transactions by a considerable level.
32 pages (8000 words) Dissertation
Accounting Standards Boards
ACCOUNTING STANDARDS BOARD 1.1 Relationship between IASB and FASB. The IASB main aim is to make international financial reporting standards while FASB focuses on a rule based approach. The two boards IASB and FASB are working together since 2002. This concept of convergences rose in 1950’s, which was a reply to the integration of World War II and due to the increase in the flaws of capital management.
4 pages (1000 words) Essay
International Accounting Standards
The objective of the standard seems to be quite clear on the matter. Before the standard was introduced; different treatments where in practice to deal with the matter of leases. The difference caused the Financial Statements to be un-comparable and increased chances of window dressing the accounts.
7 pages (1750 words) Essay
Financial Advance accounting
It is very much necessary that these financial reports that become available to the stakeholders of a company help them considerably in their decision making process. IFRS was first introduced by International Accounting Standards Board (IASB). IASB was set up as an independent body in United Kingdom.
8 pages (2000 words) Essay
Japan Exchange Rate Regime
However, the administration was carried out with the cooperation of the Ministry of International Trade (MITI) and Industry and the bank of Japan. MITI also handled licenses related to exports and imports. However, the authority for approving major payments was given to the authorized banks in Japan.
5 pages (1250 words) Essay
Theory and concepts of creating a financial model
Therefore, financial models are helpful in forecasting. Creating a financial model comes with challenges. There is minimal or historical information such the cost trends or sales that are based the types of financial model. In addition, many assumptions and the calculations have to built into a financial model that is being used1.
4 pages (1000 words) Essay
Unified Financial Accounting Standards
Any successful business must be financially viable, attract maximum profits, and enjoy a competitive advantage. However, in the ever-increasing competitive world, there is need for standards that govern the mode of doing business and comparing the business operations between the competing entities.
5 pages (1250 words) Essay
Find out how much would it cost
to get a custom paper written by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT