The primary reason for having accounting standards is to promote comparability and consistency. Information about a particular enterprise gains greatly in usefulness if it can be compared with similar information about other enterprises and with similar information about the same enterprise for some other period or point in time. Existing organizations, whether national or international, are challenged to continually assess the relevance of their objectives, structures, and processes in the context of the international system of the future.

Two competing entities govern the accounting standard. In the United States there is GAAP, and the rest of the world uses the IASB (International Accounting Stand

emergence of international level organizations and cooperative

International Accounting Standards. 28 April 2001.

Google Beta Groups Search Results. 14 April 2001. International Accounting Standard search. 28April 2001.

Financial Accounting Standards Board. April 2001. FASB Welcome Page. 28 April 2001.

ventures among national organizations in the areas of accounting standard setting and financial statement preparation, auditing, regulation, and analysis. The evolution of a global society brings many implications for what, in the past, have been

standards that could be used as a basis for financial reporting worldwide.

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Approximate Pages = 6 (250 words per page double spaced)