The Harmonization of World Accounting Standards Is Viewed by Many

question 9

Essay

The harmonization of world accounting standards is viewed by many accountants,analysts,standard setters,and others as being among the most important issues facing business throughout the world.Advocates of harmonization seek to establish a common set of international accounting and reporting standards.Such a task has proven formidable,however.
Identify factors that would hinder the process of harmonization of accounting standards.

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Definitions:

Individual Producer

A single entity or person that creates goods or provides services in an economy.

Market Power

Refers to the ability of a firm or group of firms to manipulate the price and output levels in the market to their advantage.

Supply

The total amount of a specific good or service available to consumers at a given price level.

Input Market

The input market is the marketplace where companies or individuals procure resources, such as raw materials, labor, and services, needed to produce goods or offer services.