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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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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 ...

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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