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Harmonization of

We now have a global economy and it has affected
the entire business world. For instance, today's
global corporation may have more than one
headquarters, and its production and
distribution facilities are probably scattered
throughout the world. Commodity prices,
interest rates and currency exchange values
have become internationally linked -- with the
result that governments around the world are
increasingly supporting harmonization of
accounting practices and national policies
A international accounting standards are a necessary part
of the rapidly globalization economy. harmonization of
accounting policy would help provide a "level playing
field" Regulators and auditors will be receiving the
same information, facilitating the evaluation process. In
the absence of free trade, international accounting
standards will allow nations' tariffs, quotas and other
trade restraint mechanisms to be more accurate and
less risky for those engaged in trade. Investors and
managers will be able to make more valuable decisions.
World resources will be better managed and allocated.
It is possible, due to their necessity, to have
international accounting standards (IAS) harmonization
The "harmonization" of accounting
standards will help the world economy
:in the following ways

facilitating international transactions-

minimizing exchange costs by providing -
increasingly "perfect" information
standardizing information to world-wide -
economic policy-makers
improving financial markets information-
. improving government accountability-
Obstacles in Harmonization of
Accounting Standards

The size of the present differences between the-

accounting practices of different countries
lack of strong professional accountancy bodies in-
some countries
differences in political and economic systems-
Nationalism also posses a threat to harmonization-
as countries are wary of ceding control of their
accounting regulation to outsiders
There are considerable differences between the national
accounting rules of individual countries, countries
that are studying the difference between their
national rules and the international standards

Even though the UK standards are relatively close to

the international accounting standards ,identify an
enormous number of differences
Criticism of Harmonization of
Accounting Standards

underdeveloped countries and developing countries see*

harmonization of international accounting standards as an
imposition of standards by economically superior countries

accounting is flexible in nature and can adopt to different number*

of situations but if accounting standards are harmonized it is
believed that they won't be flexible enough and the standards
set internationally cannot possibly cater for the wide range of
national circumstances

prove dangerous to the companies as the standards could cut*

profits and inject volatility into the balance sheets of the

Most of the countries which trade with USA prepare their accounts*
according to US GAAP this in turn makes US GAAP accepted
not only in USA but in other countries
‫الهيئات المهنية المحلية المسؤلة عن اصدار‬
‫المعاير المعمول بها في الردن‪:‬‬

‫جمعية مدققي الحسابات القانونين الردنين‬ ‫‪‬‬

‫المجمع العربي لمحاسبين القانونين‬ ‫‪‬‬

‫هيئة الوراق المالية‬ ‫‪‬‬

‫وزارة المالية‬ ‫‪‬‬

‫وزارة الصناعة والتجارة‬ ‫‪‬‬

‫البنك المركزي الردني‬ ‫‪‬‬

‫ديوان المحاسبة و الرقابة المالية الردني‬ ‫‪‬‬

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