School of Business
Primary Subject Area
Business Administration, Accounting
international accounting standards, culture, government, China, Australia, India
With the prevalence of international markets comes the need for universal accounting standards. The International Accounting Standards Board has created a set of these standards, but unfortunately some skeptics have found that the obstacles of culture, government, and lack of support would make these standards impossible to implement. Since the globalization of international standards is inevitable, there must be a way to get past the present obstacles. Through an analysis of the countries of China, India, and Australia, it has been found that it is possible to have the same accounting standards among diverse countries. International accounting standards will become successfully integrated among more and more countries in the coming years if there is an awareness of the differences in cultures and a willingness for the change of standards among governments. There also needs to be an education of the benefits and an openness to the change of standards that are not working efficiently.