International Accounting Harmonization Process of IASB in Financial Organization

Abstract

The international harmonization of Accounting Standards is a process, which brings international Accounting Standards into some sort of agreement, in order to achieve a common set of Accounting principles. 7000 European companies have to use the International Accounting Standards (IAS) in the European Union (EU), beginning 2005. The IAS are developed from the IASB. Furthermore, the long existing rejection of IAS of the U.S. seems to change. Co-ordination of agendas of the American standard-setting board (Financial Accounting Standard Board (FASB) and the IASB have been announced. We conclude, that the IASB plays a major role in the field of international harmonization. Keywords: Harmonization, International Accounting Standard Board (IASB), International Accounting Standards (IAS), Accounting Standards, International Accounting.

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

DOI: 10.7176/RJFA/11-17-05

Publication date:October 31^st 2020