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Question - The ultimate goal of harmonization of accounting reporting is to have all companies around the world follow one set of international accounting standards. Do you agree with this statement, why or why not? What are the advantages and disadvantages of accounting harmonization?

Answer - Harmonization of Accounting Standard

Yes, we agree with the statement that the final aim of the harmonization of accounting reporting is to enable different companies around the world to adopt only one set of international accounting standard. We agree with the statement because by following one set of accounting standards it will increase transparency in preparation of financial statements and everyone will be able to understand the financial statement across the world. Further it will also remove international trade barriers. It allows different countries to follow similar rules in preparation of the financial report and this will gradually enables various accountants and other users to understand the financial report of different companies which are either local or international companies. Thus the process of harmonization makes the global community a single entity.

It ensures that the auditors and regulators will receive the same information which will facilitate the process of evaluation which will allow the manager and investor to take more appropriate decisions and thus the resources can be managed better and allocated in the more efficient manner. Adoption of various standard on accounting generate problem to evaluate the performance of the various companies which will create barrier in the valuation process and process of decision making. Thus harmonization plays an important role which enables countries to adopt similar set of international accounting standard which will gradually improve the quality of the financial reporting around the globe.

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Advantages and Disadvantages of Accounting Harmonization:

The process of harmonization is very much needed by multinational companies, international accounting firms and various domestic companies. Accounting harmonization saves time and money which is currently spent on consolidated financial information when different laws is require to complied for the same. There are various advantages of accounting harmonization which are as -

• Comparability - Harmonization removes the comparison challenge and thus financial statements from different countries will become more reliable and comparable and this will also reduce the risks for investor as it will become easier for them to value the international alternative for investment and other cash management. Thus by establishing a same set of global accounting standard will make the comparison on equal stage and make financial statement more comparable.

• International expansion- Accounting harmonization will also ease the barrier for expansion of the companies as it enables single set of global financial standard and to formulate and consolidate the financial statements are simplified by accounting harmonization.

• Central Authoring Body- This will ensure that the single set of globally accepted standard will be formularized by the central authoring body and this will reduce the disagreement between the countries.

There are various disadvantages of accounting harmonization which includes that small business will have to incur more cost to change to the new system from the existing accounting system. However accounting harmonization will lead to single set of accounting standard but laws and regulation differ from country to country which will hamper the comparability between the financials even though the same accounting system is being used. Although the harmonization decreases the overall cost but in the short run it will increase the cost especially in the case of investment in capital assets. Similarly specialized software is required to prepare financial statement with the standard will increase the cost. Thus harmonization needs various financial reporting requirements and it is not possible within certain standard.

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