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Question No. 1 - 500 words with reference:
The ultimate goal of harmonization of accounting reporting is to have all companies around the world follow one set of international accounting standards. Do you agree with this statement, why or why not? What are the advantages and disadvantages of accounting harmonization?
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Accounting standards are the backbone of accounting and it is very necessary that each entity should prepare its financial statements as per accounting standards. The different countries have different set of accounting standards and it is very necessary that there should be harmonization and uniformity among all set of accounting standards. There are various advantages and disadvantages of harmonization of accounting standards.
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