International Accounting Standards (The Esperanto of Accounting Through Countries)
Journal Title: JOURNAL OF COMMERCE AND TRADE - Year 2006, Vol 1, Issue 1
Abstract
Globalisation has created an increasing need for communications which are internationally comprehensive and comprehensible, and financial information is no exception. It is for this reason that international standards in accounting are so important. The concept of establishing International Standards for accounting was germinated around the trun of 19th century in the first International Congress of Accounts held at St. Louis in 1904. Further, the drastic changes in the science and technology and changes in political reorganizations of the nations and their alliances have brought importance to the International Accounting Standards. The present paper is a broad essay comprising multinational facts about the IASs. It is concluded in this paper that enormous benefits will flow from convergence of accounting standards worldwide.
Authors and Affiliations
Alok Kumar Pramanik
Keywords
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