The Uniformity Of The Accounting Standards Essay

1535 WordsNov 12, 20167 Pages
The thought of introducing a uniformity in the accounting standards has been discussed for a long time in the world of accounting. In fact, a quote from Financial Times stated “The goal of single worldwide accounting language has been a dream. Today it is fast becoming a reality- and the pace is picking up.” (Carmona and Marco 2008, p.456). There have been a lot of studies done all over the world about the differences standards implement around the world. Why is it there is still no uniformity claimed when they have been many countries had implemented the same standards? Ball (2006) for instance had a great article discussing about the uniformity of the accounting standards. He had mentioned some interesting points such as the importance of uniformity, as well as the disadvantages of it. Ball also discussed how some countries unable to implement the same standards due to the differences in political and economic views. Thus, in this essay there will be discussions whether uniformity of accounting standards is importance in financial reporting along with how it could be implemented. Firstly, uniformity in accounting standards simply means when companies report their financial statements by using the same accounting procedures and process (Barron’s education system, 2014). As mentioned previously, uniformity in accounting has been discussed for a long time, as can be seen from an old paper by May (1938) where he discussed about this matter as well. Back then, there were
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