I want to know Global Harmonization of Accounting Standards?

Answer 1

In the past, USA had its US GAAP and Europe its IFRS (Int'l Financial Reporting Stds). Most of the stds are similar except for some, so now they are working together on a convergence project. The objective of this project is to eliminate a variety of differences between International Financial Reporting Standards and US GAAP and simplify things for the world. Click on the 1st link for the article "FASB Works with IASB toward Global Convergence"

Click on the 2nd link for the article by Deloitte titled "Convergence Issues - IFRSs and US GAAP"