Multinational corporations have been contributors to worldwide accounting problems as they have made or contributed to changes in which different countries have been using their accounting principles not only have they change the way accounting standards carried out but have contributed to the different problems that have been noted out in this answer. It basically looks into these issues and also coming up with ways in which this could be solved without affecting the way business is carried out in different countries through the use of accounting standards that will are recognized in each and every country. Each country has its own unique set of accounting and financial reporting rules and ways that each and every organization should adhere to. It is also necessary to know why there is accounting diversity which exists in multinational companies and worldwide. Examine the problems caused by accounting diversity and thoroughly discuss each. (10marks)

2. Current national accounting requirements often differ, with the result that like transactions and events are reported differently in different countries. Such differences can have a significant impact on both the balance sheet and the income statement. These differences make it difficult to distinguish changes in the performance from the effects arising from the use of different accounting requirements. Many stakeholders, such as accounting professionals and business organizations argue about the impact of the accounting harmonization. Conduct research to deliberately examine the positions of those who are against and those who support the accounting harmonization. (5 marks each x 2 = 10 marks)