HARMONIZATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS WITH NATIONAL STANDARDS BODIES TO ENHANCE COMPARABILITY, CONSISTENCY, ACCOUNTABILITY, AND TRANSPARENCY IN CORPORATE REPORTING

Fundamentally, the international effort to achieve a common set of accounting standards is not an easy task. It has started long ago to correct the differing and varying national accounting standards and principles in different parts of the world, however, the ultimate aim is to move towards harmonization. The process of harmonization seeks to bring all the different standards and reporting for better comparability, consistency, and reliability and to shorten the gap of these different streams of accounting rules, regulations, policies, practices, principles, and guidelines The objective of this current study is to review and understand the emerging issue