1. Harmonization ensures that the accounting standards used are similar enough so that financial information can be "translated" or understood accordingly. The primary benefit to this is that the comparability of financial statements is enhanced. Minimizing differences between reporting standards is also easier for companies that prepare financial statements and more cost-effective, and easier for those trying to interpret financial statements.
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The description provided by you accurately reflects the essence and benefits of harmonization of accounting standards Harmonization refers to the proc... View the full answer