The advantages and disadvantages of harmonizing accounting
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Briefly explain:
The advantages and disadvantages of harmonizing accounting standards were summarized in this weeks readings.
Expand on these advantages and disadvantages (Hint: You may wish to consult John N. Turner, "International Harmonization: A Professional Goal," Journal of Accountancy (January 1983): 58-59 and Richard Goeltz, "International Accounting Harmonization: The impossible (and Unnecessary?) Dream," Accounting Horizons (March 1991), 85-88)
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Solution Summary
The advantages and disadvantages of harmonizing accounting standards were summarized in this weeks readings.
Expand on these advantages and disadvantages (Hint: You may wish to consult John N. Turner, "International Harmonization: A Professional Goal," Journal of Accountancy (January 1983): 58-59 and Richard Goeltz, "International Accounting Harmonization: The impossible (and Unnecessary?) Dream," Accounting Horizons (March 1991), 85-88)
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There are definite advantages to harmonizing accounting standards, although in my opinion, in reality, I do not think we will ever actually see it happen, because it will create more problems than it solves. The main advantage is that it would provide a uniform, standard medium for accounting, including financial reporting. All investors all over the world would be looking at financial statements in the same format, regardless of location. This would allow for a company in one country to present their financial statement to ...
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