Essay --

INTERNATIONAL ACCOUNTINGASSIGNMENTQ.1) A brief news report of the two organisations, and their objectives, in as far as theyrelate to accounting practices regionally and/or internationally, as necessary.A.1)1. EUROPEAN UNION (EU)The EU was initially organize in the mid 1940s to unite neighbouring nations developed to have a comfortably more critical and important purpose. In 1957 the European Economic participation (atomic number 63) was made to fabricate and incorporated economic market between the sestet establishing parts of the EU. The EEC was referred to a common market between the countries and oer the time period more and more and more nations joined the EU, the EEC later got known as the European Community (EC). The EC dark into one of the primary mainstays of the EU and its point was to help make a local market between membered nations where there is an opportunity of transporting products and labour. As the amount of nations expanded the EU set directionals for every nation to comply to harmonise clerking practices, these directives are listed belowThe endeavor to harmonise bookkeeping practices was by means of the issuing of directives EU directives have the power of law and the member states are obliged to join the directives into their laws They are trying to sequester the member states, yet the outcomes that are accomplished are at the apprehension of each member nations.Two directives pointed at harmonising bookkeeping The fourth directive of 1978 includescomprehensive bookkeeping standards for the individuals, and not for united records Measurement (Valuation) guidelines, The guidelines for the making of financial statements disclosure of data for both public and privately owned businesses Establish the tr... ...combinations principal to the SEC removing the requirements for reconciliationsCONCLUSIONThe globalization is increasing in the world and the companies are going abroad to enter into new markets and capture new customers as well as the investors. The companies need to make accounts according to the new arena and the investors need to study the financials of the company before investing into it. This is a hassle as due to difference in the accounting standards are causing problems and hence.The financial reporting systems are converging, as international capital markets sustain more investor oriented since the investors now want to invest more in oversees and the globalization is increasing day by day there is an urgent need to make the accounting information comparable. The International Accounting Standards carte du jour is at the center of the convergence movement now.