Harmonization of International Accounting Standards

Abstract

The movement toward harmonization of international accounting standards have been strengthened by many bodies who are concerned with the changing needs of a more globalized economy. These bodies include the International Accounting Standards Committee, European Economic Community Commission, United Nations, and the International Federation of Accountants. In spite of their attempts to contribute to the effort of establishing international standards, major problems continue to prevail. Problems, such as the failure to agree on a clear and official definition of international accounting, impede the progress of harmonization.