Harmonization Of International ing Standards 4q4q1c

Harmonization of international ing standards

We now have a global economy and it has affected the entire business world. For instance, today's global corporation may have more than one headquarters, and its production and distribution facilities are probably scattered throughout the world. Commodity prices, interest rates and currency exchange values have become internationally linked -- with the result that governments around the world are increasingly ing harmonization of ing practices and national policies

A international ing standards are a necessary part of the rapidly globalization economy. harmonization of ing policy would help provide a "level playing field" Regulators and auditors will be receiving the same information, facilitating the evaluation process. In the absence of free trade, international ing standards will allow nations' tariffs, quotas and other trade restraint mechanisms to be more accurate and less risky for those engaged in trade. Investors and managers will be able to make more valuable decisions. World resources will be better managed and allocated. It is possible, due to their necessity, to have international ing standards (IAS) harmonization

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The "harmonization" of ing standards will help the world economy :in the following ways facilitating international transactionsminimizing exchange costs by providing increasingly "perfect" information standardizing information to world-wide economic policy-makers improving financial markets information. improving government ability-

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Obstacles in Harmonization of ing Standards The size of the present differences between theing practices of different countries lack of strong professional ancy bodies insome countries differences in political and economic systemsNationalism also posses a threat to harmonizationas countries are wary of ceding control of their ing regulation to outsiders

There are considerable differences between the national ing rules of individual countries, countries that are studying the difference between their national rules and the international standards

Even though the UK standards are relatively close to the international ing standards ,identify an enormous number of differences

Criticism of Harmonization of ing Standards underdeveloped countries and developing countries see* harmonization of international ing standards as an imposition of standards by economically superior countries ing is flexible in nature and can adopt to different number* of situations but if ing standards are harmonized it is believed that they won't be flexible enough and the standards set internationally cannot possibly cater for the wide range of national circumstances prove dangerous to the companies as the standards could cut* profits and inject volatility into the balance sheets of the companies Most of the countries which trade with USA prepare their s* according to US GAAP this in turn makes US GAAP accepted not only in USA but in other countries

‫الهيئات المهنية المحلية المسؤلة عن اصدار‬ ‫المعاير المعمول بها في الردن‪:‬‬ ‫‪‬‬ ‫‪‬‬ ‫‪‬‬ ‫‪‬‬ ‫‪‬‬ ‫‪‬‬ ‫‪‬‬

‫جمعية مدققي الحسابات القانونين الردنين‬ ‫المجمع العربي لمحاسبين القانونين‬ ‫هيئة الوراق المالية‬ ‫وزارة المالية‬ ‫وزارة الصناعة والتجارة‬ ‫البنك المركزي الردني‬ ‫ديوان المحاسبة و الرقابة المالية الردني‬

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