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International Accounting Harmonization Abstract Harmonization is the process of reducing differences in financial reporting processes across the world. The goal is to achieve some comparability with financial statements. When harmonization exists, complications for individuals and corporations who use these financial statements decrease significantly. There are several organizations around the world***, who have formed in hopes of creating an international system of accounting. This could mean a standard that would apply across the world. The implementation of such a process could be beneficial for all countries, especially with the expansion of businesses offshore. International Accounting Harmonization Introduction "Harmonization" in the field of accounting is the process of creating a similar set of procedures by establishing boundaries as to how much they can differ across the world. "As a result of globalization, the accounting profession has become increasingly aware of the need to establish a single set of accounting standards that would be valid in the...

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