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Harmonisation of accounting standards International accounting harmonisation can be defined as "the process of bringing international Accounting Standards into some sort of agreement so that the financial statements from different countries are prepared according to a common set of principles of measurement and disclosure". Harmonisation means that deviating rules, which do not exclude themselves, can continue to exist next to each other. That means harmonisation does not focus on the elimination of differences but on …

…dards or GAAP. In addition, while the accounting standards used must be high quality, they must be supported by an infrastructure that ensures that the standards are rigorously interpreted and applied, and that problematic practices are identified and changed in a timely fashion. Elements of this infrastructure include: effective, independent and high quality accounting and auditing standard setters; high quality auditing standards; auditing firms with effective quality controls worldwide; profession-wide quality assurance, and regulatory oversight.