International Accounting Harmonization between Utopia and Possibility

By Laura Gherghel.

Published by Journal of the World Universities Forum

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Article: Print $US10.00
Article: Electronic $US5.00

One of the causes of macroeconomic crisis that humanity now has crossed is the “balance sheet” crisis. Balance sheet of an enterprise should provide an accurate image of the company, because the information within this synthesis document influences investors’ actions. There are two dominant doctrines and practices in the field of accounting: culture of continental accounting, promoted by France and Germany and Anglo-Saxon accounting culture, developed by UK and U.S. Between the two approaches, there exist considerable differences and this led to the initiation of international accounting harmonization processes. The international investors want direct access to reliable information about opportunities to place capital. Such a goal can not be achieved without the establishment of global rules and standards on accounting- financial information. On the other hand there are analysts that highlight the fact that this economic crisis has shown a deficit in these standards regionally. This raises the question of whether the accounting standards, international extended, are longer viable.
The paper wants to present ideological confrontations on the possibility of implementing globally a set of uniform financial accounting rules.

Keywords: International Accounting, Global Regulations

Journal of the World Universities Forum, Volume 3, Issue 3, pp.83-94. Article: Print (Spiral Bound). Article: Electronic (PDF File; 993.519KB).

Dr. Laura Gherghel

PhD Candidate, Economics Department, University “Alexandru Ioan Cuza” Iasi, Iasi, Romania

Laura Gherghel, PhD Candidate in Economics, University “Alexandru Ioan Cuza” Iasi, Romania. Her research topic is about economic globalization between necessity and effects. The main interest areas are: future scenarios for global financial system, possibility of international regulations, globalization and economic crisis. Laura Gherghel graduated two Masters: Audit and European Studies and she is also Expert in Accountancy since 2008. Laura is Auditor for a nonguvernamental organization in Romania.

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