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Current national accounting requirements often differ with the result that like transactions and events are reported differently in different countries. This can have a significant impact on both the balance sheet and the income statement.
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Introduction Current national accounting requirements often differ with the result that like transactions and events are reported differently in different countries. This can have a significant impact on both the balance sheet and the income statement. The differences make it difficult to distinguish changes in the performance from the effects arising from the use of different accounting requirements. The aim of accounting harmonisation is to make the financial statements of companies comparable with the financial statements of companies in other countries. On the simplest level, harmonisation is the process of bringing international accounting standards into some sort of agreement so that the financial statement from different countries are prepared according to a common set of principles of measurement and disclosure. In the following part of the paper, UK will be taken into as an example to evaluate the influences which brought by international accounting harmonisation and latterly compare UK GAAP to...
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