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Finance & Accounting
Pages 10 (2510 words)
INTERNATIONAL ACCOUNTANCY STANDARDS Name: Institution: Course: Tutor: Date: It is undoubtedly obvious that the world has diverse cultural, economic and social backgrounds through which the states have learned their functionality. These foundations dictate the political atmosphere, economic cultural and social status of the individual countries.
Policies and frameworks have been developed in efforts to accommodate the entire human race into a more domesticated environment even while in a separate geographical orientation. Such ways through which the world has become integrated is through economic unions and integrations, through these, the world trade has been compressed onto a more unified unit in matters of trade, commerce, politics and social cultural divide among many others. Moreover, the emerging trends in financial operations are pointing out towards the same direction of globalization. More efforts by individual persons or nations are exerted towards harnessing global trade and relations in one global perspective. Though variations are persistent within the structures of governments and individual companies, there have persistently risen the needs to unify the systems through which the global players operate. International accounting standards stands to provide avenues through which trading organizations and the nations would converge through application of more unifying methods. This paper therefore is intended to analyze the arguments by many proponents of a more unified world through the use of common language and a standard financial reporting system. ...
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