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An Era of Harmonization

An Era of Harmonization An Era of Harmonization Arthur R. Wyatt Arthur Andersen & Co. Harmonization is in the air. Not just in the accounting profession, but in the world environment in which accountants live and practice. The European Community discussions and negotiations are premised on the reduction of barriers, the other way of expressing harmonization. Eastern European countries are moving to embrace market-based economies. The General Agreement on Trade and Tariff talks deal with reduction in barriers and expansion of areas of agreement on business practices. Within North America new trade agreements will reduce existing barriers and open new markets for many companies. Markets become more efficient as barriers are reduced, as differences between countries lessen and cooperative ventures increase. And, so we find ourselves today in a world that can both benefit from and nurture harmonization efforts of the accounting profession. Harmonization need not require replacement of all long-standing national practices, but may emerge as a policy appropriate in some circumstances, e.g., in cross-border financial reporting, but not necessarily appropriate in yet other circumstances, e.g., intra national financial reporting. Harmonization need not be perceived as a subversion of national customs and practices to some amorphous universal dictum, but rather can http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of International Financial Management & Accounting Wiley

An Era of Harmonization

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Publisher
Wiley
Copyright
Copyright © 1992 Wiley Subscription Services, Inc., A Wiley Company
ISSN
0954-1314
eISSN
1467-646X
DOI
10.1111/j.1467-646X.1992.tb00022.x
Publisher site
See Article on Publisher Site

Abstract

An Era of Harmonization Arthur R. Wyatt Arthur Andersen & Co. Harmonization is in the air. Not just in the accounting profession, but in the world environment in which accountants live and practice. The European Community discussions and negotiations are premised on the reduction of barriers, the other way of expressing harmonization. Eastern European countries are moving to embrace market-based economies. The General Agreement on Trade and Tariff talks deal with reduction in barriers and expansion of areas of agreement on business practices. Within North America new trade agreements will reduce existing barriers and open new markets for many companies. Markets become more efficient as barriers are reduced, as differences between countries lessen and cooperative ventures increase. And, so we find ourselves today in a world that can both benefit from and nurture harmonization efforts of the accounting profession. Harmonization need not require replacement of all long-standing national practices, but may emerge as a policy appropriate in some circumstances, e.g., in cross-border financial reporting, but not necessarily appropriate in yet other circumstances, e.g., intra national financial reporting. Harmonization need not be perceived as a subversion of national customs and practices to some amorphous universal dictum, but rather can

Journal

Journal of International Financial Management & Accounting – Wiley

Published: Mar 1, 1992

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