1. International Accounting Standards Board (IASB) was established in 2001, and one of its major roles is to harmonize accounting standards globally. Currently, more than 140 countries including Australia have adopted IASBs standards for their reporting entities.

Required:

Analyse the above statement by arguing whether harmonization of accounting standards is possible.

1. Australian Accounting Standards Board (AASB) is responsible for developing accounting standards for reporting entities in Australia. However, AASB does have any accounting standards on ethical, social and environmental reporting. Several companies in Australia are producing social, environmental and ethical information following different frameworks like Global Reporting Initiatives (GRI) that sometimes distract the users of Corporate Social Responsibility (CSR) reports.

Required:

Critically evaluate this statement in your own words