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1 Introduction
With the expansion of globalization, the economic connection among countries is tighter and tighter. The existence of different local accounting standards becomes an obstacle in international financial area. Incompatible financial data, unacceptable game rules to regulate the behavior of multinational companies and indefinite financial performance in the eye of international investors are strong evidences. As a result of these problems, harmonization of the international accounting standards will not be a dream any more. In 1973, Canada, Japan, Australia, France, Germany, UK, Mexico, Ireland, the Netherlands and the US created the International Accounting Standards Committee (IASC) for the purpose of developing international accounting standards (Payne & Ranagan, 2008, p.15). International Accounting Standard Board was established by the IASC in 2001, in order to create the best accounting standards to be implemented by all countries in the world (Fajardo, 2007,......

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Approximate Word Count: 3164
Approximate Pages: 13 (250 words per double-spaced page)

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