On an international scale, harmonisation aims to update, align or even replace domestic standards with a high quality set of international accounting standards issued by the IASB. Reducing differences in financial reporting between various countries would benefit a wide variety of users in understanding and comparing accounts on a much larger geographical scale. However there are numerous obstacles discussed which can hinder the speed and completion of harmonisation.
Contents
Introduction
REASONS FOR HARMONISATION
IASB'S AND EU'S APPROACH TO HARMONISATION
OBSTACLES TO HARMONISATION
DEVELOPMENTS TOWARDS THE IASB'S GOAL
CURRENT STATE OF HARMONISATION
CONCLUSION
References and Bibliography