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Can One Size Fit All When It Comes to Global Accounting Standards - Research Proposal Example

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The "Can One Size Fit All When It Comes to Global Accounting Standards" paper contains a research proposal of the dissertation the aim of which is to identify arguments and evidence on accounting are culturally based and the moves towards harmonization would lead to discomfort and possibly fail. …
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Can One Size Fit All When It Comes to Global Accounting Standards
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Download file to see previous pages The practice of reporting accounting techniques and a company’s accounts has therefore to be the most homogeneous for a series of reasons, but mostly to facilitate and improve the transparency of markets. These are two main issues in what relates the international financial reporting practices: the homogeneity of these practices and the key actors to which this convergence matters most; the international users of accounting reports. One can argue that the more transparent and homogeneous these international reporting systems are, the more transparent markets become and the process of investment internationally is eased.

Despite the necessity of a highly integrated and converged international reporting system, it seems that problems still persist in regards to the convergence of these practices, as can be seen in work by Ball (2006, p. 5):

‘But the most market and political forces will remain local for the foreseeable future, so it is unclear how much convergence in actual financial reporting practice will (or should) occur. Furthermore, there is little settled theory or evidence on which to build an assessment of the advantages and disadvantages of uniform accounting rules within a country, let alone internationally’

The Accounting Standards Steering Committee (ASSC), in cooperation with the major accounting bodies, appointed, in 1974, a subcommittee aiming to elaborate a discussion paper to re-evaluate the aims and scope of existing published financial reports, having in mind the conditions and needs of modern business and accounting practices (Sikka & Mitchell, 2002).

The study was also concerned with issues related to the public accountability of economic entities, all different in nature, but it was mainly developed with regards to business companies. According to Walton et al. (2003), it aimed also to develop a set of working concepts to form a basic framework for financial reporting, developing the necessary information for the appropriate use of all parts interested in financial reporting.    ...Download file to see next pagesRead More
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