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The Uniformity Of The Accounting Standards Essay

Decent Essays
The thought of implementing a uniformity in the accounting standards has been discussed for a long time in the world of accounting. In fact, there is a quote from Financial Times that 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 Trombetta 2008, p.456). Likewise, Ball (2006) had a great article discussing about the uniformity of the accounting standards. He had mentioned some interesting points such as the important of uniformity, as well as the disadvantages of it. Even though uniformity in accounting standards have been around for a while, it is still something that yet to be accomplished completely. In Ball (2006) stated his concern on this matter that even with the same standards it may be still some differences in the reports. Thus, in this essay there will be discussions whether uniformity of accounting standards is needed in producing the financial reports along with the obstacles some countries may occur when try to do it. 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 not much of harmonisation or uniformity in
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