Universal Accounting Standards
Universal Accounting Standards
Issue
The internationalization of business activities has increased exponentially over the past 3 decades. Because the accounting standards and practices of different countries have developed in response to diverse environments, accounting has developed with strong national accents . As a result, multinationals with branches and investments in a wide array of countries find it difficult to achieve a consolidated financial report. Further, investors in these multinationals have trouble evaluating financial statements formed from a multitude of unusual (to the investor) accounting standards, forcing them to make less informed decisions. The benefits of a set of uniform accounting standards include greater comparability of financial information for investors, greater willingness on the part of investors to invest across borders, lower cost of capital, more efficient allocation of resources, and higher economic growth .
Drivers for Uniform......
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