Essay: Harmonization of Accounting Standards

Sample Essay

This was followed in the 1970s by a process of international harmonization of the accounting standards in Australia as the need was felt at the time.

This process of harmonization had some advantages for certain corners, especially the Federal government as the comparability and the quality of reporting fostered by international harmonization of accounting standard setting allowed increased foreign investment in the country as stakeholders began to trust the comparing ability of the financial results of the companies at a greater level. According to Stoddart (1999), the Federal government at the time aimed to create some credibility for itself in the business community and accounting standard setting was chosen as one possible avenue to do it. He follows it up by holding that this move was not so much in public interest as it was in the government’s which would not only be able to appease the business community and rail in more investment but would also be able to hand over control to a foreign standard setting body as well as gaining popularity by taking on and addressing this new issue.

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