Some Aspects of IAS Harmonization Process



The International Accounting Standards Committee (IASC) was established in 1973 to harmonize international accounting standards. The IASC's standards (IASs) are now accepted in some form by numerous stock exchanges, including those in London, Germany, Hong Kong, Singapore, and Switzerland. The US SEC already accepts use of three IASs and has indicated that it may accept all IASs in late 1998. Though accepted by a growing number of stock exchanges, this may not represent individual country's accounting standards. This article investigates the recent progress of international accounting harmonization by examining whether countries' official standards are in compliance with the IASs in the 1990s. Overall, harmonization via IASs appears to increase from 1991 to 1993. However, when the results of the "Comparability of Financial Statements" program became effective in 1995, at least initially, the level of harmonization decreased. This drop is not unexpected given that the 1995 changes eliminated previously approved and practiced accounting methods. This paper provides an introduction to the topic "The Process of International Harmonization of Accounting Standards".

Keywords: Harmonization, International Accounting Standard Board (IASB), International Accounting Standards (IAS), Accounting Standards etc.

DOI: 10.7176/RJFA/11-17-04

Publication date:October 31st 2020

Full Text: PDF
Download the IISTE publication guideline!

To list your conference here. Please contact the administrator of this platform.

Paper submission email:

ISSN (Paper)2222-1697 ISSN (Online)2222-2847

Please add our address "" into your email contact list.

This journal follows ISO 9001 management standard and licensed under a Creative Commons Attribution 3.0 License.

Copyright ©