Essay: Improving Accounting Standards

Sample Essay

It is concluded form the above discussion that the convergence of accounting standards is a major issue that needs to be resolved on preferential bases to improve implementation and interpretation of various accounting standards. The accounting standard setting boards need to work closely in order to set new standards which have a universal application, are objective in nature and can be interpreted quite easily.

The boards also need to create an environment where companies view new standards as tools of better management and accounting practice rather than a burden. The worsening global economy is in dire need of new standards which can help in building the trust of investors and creditors around the world.

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