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What is the need for harmonisation of accounting standards
at global level?
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Answer Posted / jdsri2002
This harmonisation is needed due to the globalization of
business and services and increase in FII, FDI and
Borrowings.
Accounting standards confirm to applicable laws, customs,
usages and business environment. So there is no universally
acceptable set of standards.
Accounting standards are different for commercial
undertakings and the government. For example, an auditor or
Accountant in India is faced with the different standards
like AS issued by ICAI, IFRS, US GAAPs, IPSAS issued by
IFAC and GASAB Standards.
The whole idea of accounting standards is centered on
Harmonisation of accounting policies and practices followed
by business to standardise the diverse accounting practices
followed for many aspects of accounting. The Harmonisation
of accounting standards is needed at global level.
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