What does “harmonization” mean in the context of international accounting?
A. The process of combining the financial statements of foreign subsidiaries into the parent company’s financial statements
B. Reducing the diversity of accounting standards
C. Disclosing the accounting methods used in preparing the financial statements
D. Assessing the exposure resulting from inadequate internal controls
Answer:B
What does “harmonization” mean in the context of international accounting?
A. The process of combining the financial statements of foreign subsidiaries into the parent company’s financial statements B. Reducing the diversity of accounting standards C. Disclosing the accounting methods used in preparing the financial statements D. Assessing the exposure resulting from inadequate internal controls