Explain how harmonization is diverse from convergence.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 3, Problem 1Q

To determine

Explain how harmonization is diverse from convergence.

Expert Solution & Answer

Answer to Problem 1Q

Harmonization states that accounting practices can be different across countries, but there should not be any conflict between the standards. Convergence, on the other hand aims at integrating all accounting standards into one and every country following the same accounting standards.

Explanation of Solution

Harmonization aims at reducing options while maintaining flexibility in accounting procedures. Every country has its own regulation with respect to accounting practices. Harmonization permits countries to follow different rules in accounting practices provided these rules do not conflict each other. For instance, companies could use different computation methods in valuing their books, provided appropriate disclosures were made.

Convergence on the contrary, aims at having universally accepted accounting standards that every country flows so as to eliminate disparities in financial statements and other accounting practices.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Which of the following is not classified as non current assets?

What is it's net income for this financial accounting question?

Please provide correct answer

Answer 2

Question

Chapter 3, Problem 1Q

To determine

Explain how harmonization is diverse from convergence.

Expert Solution & Answer

Answer to Problem 1Q

Harmonization states that accounting practices can be different across countries, but there should not be any conflict between the standards. Convergence, on the other hand aims at integrating all accounting standards into one and every country following the same accounting standards.

Explanation of Solution

Harmonization aims at reducing options while maintaining flexibility in accounting procedures. Every country has its own regulation with respect to accounting practices. Harmonization permits countries to follow different rules in accounting practices provided these rules do not conflict each other. For instance, companies could use different computation methods in valuing their books, provided appropriate disclosures were made.

Convergence on the contrary, aims at having universally accepted accounting standards that every country flows so as to eliminate disparities in financial statements and other accounting practices.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 3, Problem 1Q

To determine

Explain how harmonization is diverse from convergence.

Expert Solution & Answer

Answer to Problem 1Q

Harmonization states that accounting practices can be different across countries, but there should not be any conflict between the standards. Convergence, on the other hand aims at integrating all accounting standards into one and every country following the same accounting standards.

Explanation of Solution

Harmonization aims at reducing options while maintaining flexibility in accounting procedures. Every country has its own regulation with respect to accounting practices. Harmonization permits countries to follow different rules in accounting practices provided these rules do not conflict each other. For instance, companies could use different computation methods in valuing their books, provided appropriate disclosures were made.

Convergence on the contrary, aims at having universally accepted accounting standards that every country flows so as to eliminate disparities in financial statements and other accounting practices.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 3, Problem 1Q

To determine

Explain how harmonization is diverse from convergence.

Expert Solution & Answer

Answer to Problem 1Q

Harmonization states that accounting practices can be different across countries, but there should not be any conflict between the standards. Convergence, on the other hand aims at integrating all accounting standards into one and every country following the same accounting standards.

Explanation of Solution

Harmonization aims at reducing options while maintaining flexibility in accounting procedures. Every country has its own regulation with respect to accounting practices. Harmonization permits countries to follow different rules in accounting practices provided these rules do not conflict each other. For instance, companies could use different computation methods in valuing their books, provided appropriate disclosures were made.

Convergence on the contrary, aims at having universally accepted accounting standards that every country flows so as to eliminate disparities in financial statements and other accounting practices.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 3, Problem 1Q

To determine

Explain how harmonization is diverse from convergence.

Expert Solution & Answer

Answer to Problem 1Q

Harmonization states that accounting practices can be different across countries, but there should not be any conflict between the standards. Convergence, on the other hand aims at integrating all accounting standards into one and every country following the same accounting standards.

Explanation of Solution

Harmonization aims at reducing options while maintaining flexibility in accounting procedures. Every country has its own regulation with respect to accounting practices. Harmonization permits countries to follow different rules in accounting practices provided these rules do not conflict each other. For instance, companies could use different computation methods in valuing their books, provided appropriate disclosures were made.

Convergence on the contrary, aims at having universally accepted accounting standards that every country flows so as to eliminate disparities in financial statements and other accounting practices.

Answer 6

Chapter 3, Problem 1Q

To determine

Explain how harmonization is diverse from convergence.

Expert Solution & Answer

Answer to Problem 1Q

Harmonization states that accounting practices can be different across countries, but there should not be any conflict between the standards. Convergence, on the other hand aims at integrating all accounting standards into one and every country following the same accounting standards.

Explanation of Solution

Harmonization aims at reducing options while maintaining flexibility in accounting procedures. Every country has its own regulation with respect to accounting practices. Harmonization permits countries to follow different rules in accounting practices provided these rules do not conflict each other. For instance, companies could use different computation methods in valuing their books, provided appropriate disclosures were made.

Convergence on the contrary, aims at having universally accepted accounting standards that every country flows so as to eliminate disparities in financial statements and other accounting practices.

Answer 7

Chapter 3, Problem 1Q

To determine

Explain how harmonization is diverse from convergence.

Answer 8

Expert Solution & Answer

Answer to Problem 1Q

Harmonization states that accounting practices can be different across countries, but there should not be any conflict between the standards. Convergence, on the other hand aims at integrating all accounting standards into one and every country following the same accounting standards.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Harmonization aims at reducing options while maintaining flexibility in accounting procedures. Every country has its own regulation with respect to accounting practices. Harmonization permits countries to follow different rules in accounting practices provided these rules do not conflict each other. For instance, companies could use different computation methods in valuing their books, provided appropriate disclosures were made.

Convergence on the contrary, aims at having universally accepted accounting standards that every country flows so as to eliminate disparities in financial statements and other accounting practices.

Answer 12

Ch. 3 - Prob. 1Q Ch. 3 - Prob. 2Q Ch. 3 - Prob. 3Q Ch. 3 - Prob. 4Q Ch. 3 - Prob. 5Q Ch. 3 - Prob. 6Q Ch. 3 - Prob. 7Q Ch. 3 - 8. Are there any major accounting issues that have...Ch. 3 - Prob. 9Q Ch. 3 - Prob. 10Q

Explain how harmonization is diverse from convergence.

Videos

Explain how harmonization is diverse from convergence.

Answer to Problem 1Q

Explanation of Solution

Want to see more full solutions like this?

Chapter 3 Solutions