Need for Harmonization of International accounting standard.

Introduction (Need for Harmonization of International accounting standard) As there has been a tremendous growth in the market place with the existing accounting practices, this leads us to question why do we need harmonization of International accounting standards, what are its advantages and what are the barriers that hinder harmonization? Although accounting may be the "language of business," a common language has never been necessary -- at least as long as the world economy consisted …

…the essay. Sir Bryan Carsberg, secretary general of the IASB (Cited in: Berton 2000) is not just optimistic about world harmonization, he is sure that all countries will move to IASB or the international accounting standards. Despite what Sir Bryan Carsberg believes, in the current situation it is very difficult to judge the future of international accounting standards but one can say that slowly but steadily countries are moving to the harmonization of international accounting standards.