Although this is choppy, here is a quick run down of some disadvantages of an international harmonization of accounting:
-Political reasons
-Nationalism- will the public accept? The U.S. is still on the standard system for measurement, using this as an example, would a country like ours really want to stimulate this juxtaposition?
-Dennis Beresford, former chairman of the FASB states that everyone who seriously considers global accounting harmonization as a potential method affirms that nationalism is one of the top constraints to becoming a reality.
-Already a global capital system- those companies that see a benefit from using an international approach will do so and those companies that do not see benefits will not. Those that make the wrong decision will loose out on the opportunity.
Although this is choppy, here is a quick run down of some disadvantages of an international harmonization of accounting:
-Political reasons
-Nationalism- will the public accept? The U.S. is still on the standard system for measurement, using this as an example, would a country like ours really want to stimulate this juxtaposition?
-Dennis Beresford, former chairman of the FASB states that everyone who seriously considers global accounting harmonization as a potential method affirms that nationalism is one of the top constraints to becoming a reality.
-Already a global capital system- those companies that see a benefit from using an international approach will do so and those companies that do not see benefits will not. Those that make the wrong decision will loose out on the opportunity.