International Accounting

Introduction

International accounting is moving towards one global accounting standard, IASB and FASB are working together to create accounting standards which are likely to become the most preferable accounting standard. IASB and the European Union have so far made it compulsory by 2005 for listed company in European to follow the new standards. (Economist 20th December 2003).

There are certainly many advantages by introducing one global accounting standard, but it has undoubtedly met fierce resistance towards the new approach. The process of introducing one global accounting standard is definitely not easy, as it involves many countries, governments, investors, companies, and so on, but it however furthermore involves the countries social development and their culture, which can provide vast transformation.

FASB and IASB have in 2006 published the first part of the proposal for their new joint conceptual framework, a significant step towards......

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Title: International Business
Approximate Word Count: 3880
Approximate Pages: 16 (250 words per double-spaced page)

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