The Classification and Harmonization of Accounting Systems. An empirical study of European Union Countries that are not part of the Euro-zone.
Journal Title: Invention Journal of Research Technology in Engineering & Management - Year 2018, Vol 2, Issue 10
Abstract
Classification is the fundamental key to understand and analyze why and how the national accounting systems are different. It also gives us the opportunity to analyze whether these systems are converging or diverging. The main purpose of classification is to group the countries according to their distinctive characteristics of their financial accounting systems. Classifications are a way of viewing the world. From the other hand international harmonization of accounting has been defined as the attempt to bring together different systems. It is the process of blending and combining various practices into an orderly structure, which produces a synergistic result. The harmonization of financial accounting and reporting standards is seen as a mean of facilitating the globalization of capital markets. In this paper we are trying to analyze the accounting systems of countries that belong to the European Union but they are not part of the Euro-zone. The results indicate that the accounting systems of these countries are facing many differences in the accounting practices. All these differences do exist and are causing problems for a wide variety of groups, organizations and individuals
Authors and Affiliations
Stylianou Tasos
Keywords
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