Harmonization of the International Accounting System
8 Pages Posted: 13 Jan 2007
Date Written: January 12, 2007
Globalization is one of the biggest social processes which the humanity has facing since ever. That's why it's impact in the global economy is huge. Facing a global challenge financial information system has called for consistent financial information produced by accounting. One of the main international accounting processes on the actual period is the harmonization of the national accounting systems. There are the two main systems which are disputing the first stage of being the benchmark: GAAP and IFRS. Each of them has his pluses and minuses on being the choused one. Due to this fact a convergence of the two, joining the advantages and disadvantages of the two should be the solution for an unique international accounting solution. Is this idea realizable, what steps has been made until now, what should be done in the future. These are the questions on which this paper is trying to answer.
Keywords: globalization harmonization, convergence, international accounting standards
JEL Classification: M41, F01, F02
Suggested Citation: Suggested Citation