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The Harmonization of Financial Accounting and Reporting

When it comes to different enterprises and business, it’s true that many corporate policies have to work within a certain system that guarantees that all of its important accounting practices and tasks are performed only after preparing detailed financial reports. Besides, this kind of system needs to ensure that these reports are 100% unbiased, fair, and reliable. That’s why company managers require more information than the facts represented in standard financial statements.

This kind of information is also used in different processes, such as effective decision making, proper planning, controlling, and so on. For instance, if financial statements include important accounting data, they become the fundamental sources of information that can be used to run the entire business. The main problem is creating and developing basic international accounting standards lies in the adoption of a dual-reporting system, where both reporting and financial accounting are well-balanced. That’s why their proper harmonization is required. What is it all about?

According to the latest findings, it’s necessary to analyze and research both differences and similarities that can be found in existing accounting standards. There are other important things that should be done, including determining the areas that can progress the study of these standards and their harmonization, as this is what will provide users with relevant and accurate data that will increase both capability and awareness when it comes to comparing different businesses.

In addition, there are some expected results, guidelines, and instructions that should be mentioned. To harmonize financial reporting and accounting, it’s important to ensure a mutual involvement in all kinds of setting activities. This step should be taken to get access to a number of great benefits that will be available only when both areas are harmonized. This aspect becomes even more important for major and multinational companies, big accounting businesses, national governments, stock exchanges, and national-standard setters. For example, when dealing with multinational corporations, it’s necessary to decrease the expenses of different foreign exchange listings. The entire harmonization will lead to a better understanding of all financial statements and other positive effects.

When it comes to different enterprises and business, it’s true that many corporate policies have to work within a certain system that guarantees that all of its important accounting practices and tasks are performed only after preparing detailed financial reports. Besides, this kind of system needs to ensure that these reports are 100% unbiased, fair, and reliable.

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Assignment ID
100001653
Discipline
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CREATED ON
September 24, 2016
COMPLETED ON
September 25, 2016
Price
$15
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