International accountancy standards Essay Example | Topics and Well Written Essays - 3000 words

International accountancy footstallards - look for ExamplePolicies and frameworks have been developed in efforts to accommodate the entire human race into a to a greater extent domesticated environment even while in a separate geographical orientation. Such shipway with with(predicate) which the world has become integrated is with economic unions and integrations, through these, the world trade has been compress onto a more unified unit in matters of trade, commerce, politics and social cultural divide among many a(prenominal) others. Moreover, the emerging trends in financial operations are pointing out towards the same direction of planetaryization. More efforts by individual persons or nations are exerted towards harnessing global trade and relations in one global perspective. though variations are persistent within the structures of governments and individual companies, there have persistently risen the needs to coalesce the systems through which the global players ope rate. International explanation standards stand to provide avenues through which trading organizations and the nations would converge through application of more unifying methods. This paper therefore is intended to analyze the arguments by many proponents of a more unified world through the use of honey oil language and a standard financial inform system. These are the main hindrances that have in the past been seen to water down the efforts of global protagonism for a unified globe. Language barrier in financial matters and accounting field has all through stood a block to these efforts. Accounting platforms vary by the common measuring unit and thus the efforts to map financial records have always been troublesome by the fact that different organizations or states use change currencies. However, this has not been so hard for the economic blocks such as the European Union who uses a common currency, the euro. People are divided along language inclinations and people are found to identify themselves through cultural lines, language affiliation and the geographical identity. However, in the advent of the current global advancement in technology, these barriers are easily getting eroded and more unification result from the common use of technology. Nevertheless, countries and regions stand distinct on, matters of financial reporting as well as financial language. Technology has done relatively little to address unification of languages. This is the reason for the proponents of a common language in financial reporting to advance the proposition. Common international financial reporting standards are meant to drive the world to uniform global standards of accounting (Centre for Audit Quality, 2009, 1-7). IASB (International Accounting and Standard Board) is the overall body that is mandated to oversee the accounting policies and implementations thereof. Constituted in 2001, the body designs policy frameworks that run the accounting field as pertains to fina ncial reporting in the world. match to the report by Centre for Audit Quality (2009), IRFS has been adopted and accepted in many countries since 2001. This is seen to be a positive step towards realization of a more unified system of accounting in the world. However, close analysis requires thorough scrutiny on feasibility of the adoption of this common standard of accounting among organization in different countries. Nations ascribed to the standards operate the different sectors of their economies by the international standards of ac