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Harmonization of Accounting Standards

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Harmonization of Accounting Standards
Abstract
Discussion on harmonization is started quite long time ago. Its impact on the countries economy is good or bad is the central idea of this essay. This essay is written specifically on the accounting standard used in Australia. This essay starts with introduction on various topics such as conceptual framework, IASB, Sacs then it discussed the issue of harmonization. Harmonization will have positive impact on the economy because it attracts overseas investors to invest in Australia. This essay covers difference between conceptual framework developed in Australia and IASB framework. There are given lot of difference such as treatment of non for profit entity is same as the public entity in A-IFRS. Reporting entity concepts and valuation of non current assets is also different in A-IFRS .AASB framework is more prescriptive in nature as compare to IASB. Changes made in SAC4 are given at the end like the issues of operating dates and transitional provisions.
Introduction
Every country has economic activities. To measure these economic activities fairly and free form any bias accounting standards are necessary. So every country has specific accounting standards .in the context of Australia there are also accounting standards which are made by AASB. This essay tells about Australian accounting standards developed in Australia and also discuss the IASB (International accounting standards board). After that this essay made comparison between these two set of standards. These essays also gave their views about IASB standard should be followed or not. After that there is discussion about changes made in SAC4 in the year 1992 and 1995.

Purpose
The purpose of this essay is to make comparison between Australian standards set by AASB(Australian accounting standard board) and Australian equivalent of IASB framework (International accounting standard board) .this report fed light on the topics like should Australia adopt these standards set by IASB and what are
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