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Discuss whether or not greater internationalisation of practice throughout the profession is likely to prove more or less beneficial for practitioners and/or end users of published accounts.
Member rating: No Rating | Words: | Submitted: Thu Dec 18 2003
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Introduction: In the past few years the accounting profession has come under greater scrutiny as a result of high-profile corporate scandals such as Enron, WorldCom and Arthur Andersen. One result of this has been the introduction of the Sarbanes-Oxley Act in the USA. Mainly arising from increased globalisation, and even before these cases came to light, moves were being made towards greater international harmonisation of accounting practice. The main model for this to be introduced is through the greater use of International Financial Reporting Standards. Discuss: Whether or not greater internationalisation of practice throughout the profession is likely to prove more or less beneficial for practitioners and/or end users of published accounts. The emergence of multinational companies and globalisation has brought about an increasing pressure for there to be an internationally accepted and recognised set of accounting standards. At present, most developed countries have their own Generally Accepted Accounting Principles (GAAP). Many lesser-developed countries have...
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