Task 1 - Harmonization of Accounting Standards (5 marks) Once Sir Bryan Carsberg (1996) former IASC's Secretary General stated that this is a sign of the times. The world is becoming a global marketplace and one can't refuse to recognize that". This statement has its long-term implications because in today's fast globalization of trade and investment, harmonization of financial information at national or regional levels is not enough. The accountancy profession has long recognized the need for a globally harmonized accountancy framework. Samuels and Piper (1985) define the harmonization of accounting as an attempt to bring together different systems. It is the process of blending and combining various practices into an orderly structure, which produces a "synergistic result". While some see harmonization more as a process of moving to a system of uniformity or standardization, most view harmonization as a process whereby the number of allowed accounting alternatives is reduced as a means of promoting greater comparability. Radebaugh and Gray (1997) state pressures for the harmonization of international accounting as a means to achieve comparability, are growing. Several organizations at the international levels have been engaged in this process despite several hurdles involved in this process. Al Mudahki, J. (2003). HARMONIZATION OF ACCOUNTING STANDARDS IN GULF COUNTRIES. Delhi Business Review, 4(1), The Arabian Gulf countries are having many similarities and less dissimilarities of various aspects of business, culture and economy. The countries by forming "Gulf Cooperation Council" gave an evidence to their adaptability to the idea of Harmonizing the accounting policies in the gulf region. Required: (a) Define Harmonization and Convergence and describe TASC's efforts for Harmonization at Global and Regional level. (2+2+6 - 10 marks) (b) Give minimum 3 examples of Harmonization of accounting policies and practices by GCC nations