DIVERSITY OF NATIONAL AND INTERNATIONAL ACCOUNTING PRACTICES: THE CASE OF INTANGIBLE ASSETS

Dragu Ioana-Maria ()

Annals of Faculty of Economics, 2010, vol. 1, issue 1, 509-515

Abstract: Although seven years have passed since the Norwalk Agreement has been signed, the global accounting standards continue to represent a goal for IASB and FASB, being far from the stage of practical implementation. More than that, the financial crisis made things worse, as it contributes to the unfavourable conditions for the development of convergence process. But despite all these negative elements, FASB and IASB continue to collaborate in obtaining a single set from the two distinct accounting regulations, which can serve for practical accounting purposes. The globalization phenomena imply the existence of a unique set of financial reporting standards. Thus, accounting diversity is to be reduced at international level, so that it would be in accordance with companies’ interests. Therefore, one can state the importance of harmonizing both national and international accounting regulations.

Keywords: comparability; harmonization; similarity; diversity (search for similar items in EconPapers)
JEL-codes: M41 (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:ora:journl:v:1:y:2010:i:1:p:509-515

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