Pressures for harmonization of international accounting as means to achieve comparability are growing.

Question

Quizplus · Accepted Answer

The statement is true. With the increasing globalization of businesses and cross-border investment, there is a need for harmonization of international accounting standards to facilitate comparability and enhance transparency in financial reporting. Many countries and organizations are working towards this objective, including the International Accounting Standards Board (IASB) which is developing a set of globally accepted accounting standards known as International Financial Reporting Standards (IFRS).

Pressures for Harmonization of International Accounting as Means to Achieve