ABSTRACT
In this section we noted the rapid growth of world trade in the last fifty years and the spread of multinational enterprise. This has led to an increasing need for accounting across national borders.
In addition to all the problems of comparing accounts even within one country, there are several special obstacles to international comparisons. These are: different languages and cultures, legal systems and tax rules, currencies and accounting practices. The International Accounting Standards Board (IASB) has for many years been working to try to harmonize global accounting.
