With the advent of globalization, international business has grown at a faster pace than the pace of world economy. Falling barriers to trade and investment have allowed companies to seek opportunities in foreign markets and establish their presence in lucrative markets. This ever changing...

Harmonization is a process of increasing the compatibility of accounting practices by setting limits on how much they can vary. Harmonized standards are free of logical conflict, and should improve the compatibility of financial information from different countries. Efforts to harmonize...