Differences in accounting across countries causes several problems. Consolidating foreign subsidiaries requires that the financial statements prepared in accordance with foreign accounting rules must be converted into U.S. GAAP. Companies interested in obtaining capital in foreign countries often are required to provide financial statements prepared in accordance with accounting rules in that country, which are likely to differ from rules in the home country. Investors interested in investing in foreign companies may have a difficult time in making comparisons across potential investments because of differences in accounting rules across countries. Discuss arguments can be made in favor of international accounting harmonization, and what arguments can be made against it?