What does "harmonization" mean in the context of international accounting?

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Harmonization in international accounting refers to the efforts to reduce the diversity of accounting standards across countries and achieve a more unified approach to financial reporting. This can involve the adoption of common accounting principles, standards, and procedures that facilitate cross-border comparisons and analysis. Harmonization aims to enhance transparency, comparability, and consistency in financial reporting, thereby improving the quality of financial information and facilitating international investment and trade.

What Does "Harmonization" Mean in the Context of International Accounting