Problem: Since 2011, there was a push to harmonise, or integrate US Generally Accepted Accounting Principles (US GAAP) with International Financial Reporting Standards (IFRSs). The rationale is that it would level the playing field for global businesses by providing regulators, auditors and decision-makers, such as investors, uniform information based on the same accounting methodologies. Those in favor of this believe that this would improve accountability, reduce international transactional and exchange rate risks and improve information transfer to enhance economic policy decision-making. However, harmonised accounting standards are not without its criticisms.
Required: Identify and discuss clearly what the arguments against a uniform accounting standard are.
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