Need for Harmonization of International accounting standard.

Introduction (Need for Harmonization of International account standard)

As there has been a direful growth in the market place with the existing accounting practices, this leads us to question why do we exigency harmonization of International accounting standards, what be its advantages and what are the barriers that hinder harmonization? Although accounting may be the language of business, a viridity language has never been necessary -- at least as long as the world economy consisted of a hatful of more or less distinct national economies.

(Mednick 1991) (Cited in: www.wetherhead.cwru.edu) This, however, is no longer true. We now have a ball-shaped economy and it has affected the entire business world. For instance, todays global hatful may have more than one headquarters, and its production and dispersal facilities are probably scattered throughout the world. Commodity prices, chase rates and currency exchange values have occasion internationally linked -- with the result that governments around the world are increasingly supporting harmonization of accounting practices and national policies. (Walters) (Cited in: Bisgay and Jayson 1989) Harmonization is necessary because standard national fiscal statements are virtually useless; financial markets in more regulate countries are threatened with a loss of market handle; and multinational corporations must prepare multiple reports for different nations they do business in. (Nobes and Parker 1991) (Cited in: http://ecocomm.anu.edu.au) There is a need for harmonization for accounting standards in order to help the external investor to understand the financial statements of the foreign companies whos shares they might want to buy.(Iqbal, Melcher and Elmallah 1997) monetary information is a form of a language. And if the language of financial information is to be put to use, so that investment and creed decisions can more readily be taken, it should not save be intelligible, it should also be comparable.

(Belkaoui 1994) These new...

A actually well compose essay, however as the topic of the essay specifies it should have been a equitable idea if the writer had inculded bits to do with the travel taken towards harmonization of policies, for instance the EU impact, IASB, SEC the effect on to tax systems.



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