INTERNATIONAL ECONOMIC HARMONISATION

Andreea Gabriela Ponorica and Ahmed H. Juhi Al-Saedi

Proceedings of the INTERNATIONAL MANAGEMENT CONFERENCE, 2015, vol. 9, issue 1, 420-431

Abstract: There are a number of benefits as well which will come with the harmonization of international accounting standards. It will bring uniformity in the preparation of accounts and will make the accounts of companies more transparent and comparable, which in turn will help the investors to make the right investment decision. The existence of differences between accounting standards and resulting reported financial information is less important than the extent to which the reported financial information meets the demands of its consumers, that is, the financial statement users, in the market in which the information is provided. That should be the basis for assessing the acceptability of IASC standards for use in the cross-border securities listings in the US. The US is also heavily involved in developing international accounting standards with IASB. Most of the countries which trade with the US prepare their accounts according to US GAAP this in turn makes US GAAP accepted not only in the US but in other countries as well. The most desirable and most feasible option must be ferreted out of the harmonization attempts by numerous organizations and at various levels. The need is apparent for a mechanism that requires companies to follow a set of agreed-upon standards, regardless of the choice of capital market.International accounting harmonization remains a desirable but other elusive goal.

Keywords: Accounting; harmonization; IASC; IOSCO (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:rom:mancon:v:10:y:2015:i:1:p:420-431

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