What does harmonization of accounting standards mean, and what are the two aspects of harmonization?
What will be an ideal response?
ANSWER:
Harmonization refers to the degree of coordination or similarity among the various sets of national accounting standards and methods, and formats of financial reporting. Harmonization has been broken down into two aspects: (1) material harmonization, which refers to harmonization among accounting measurements and disclosures of different countries or groups and (2) formal harmonization, which refers to the process or degree of harmonization present among the accounting rules or regulations of different countries or groups.
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