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Abstract:
Consistency and standardization is the present day global business standard process to bring in much productive and economic products and / services. The same is the case with business and accounting practices across the world. The Accounting standards across the nations were developed and emerged as a standard based on the business practices that were available and applicable in the nation. This was practiced at a time when the business activities are secluded to one region or state or the nation. Now the business practices have changed from the area of local business practices to the area of global business practices, bringing business globally while bringing markets locally. This enabled the need for a consistent and consecutive standardized practices to make the accounting records and reports, reliable and understandable to accounting practitioners anywhere in scenario. The Unified accounting standards needs to be considered the major development in business practices as a part of globalization, to present an image in consistence with that of global business ventures and developed national economies. It is a challenge for the accounting practitioners, to keep the process as per the local need and as applicable to the global practices. Based on the study conducted, from the published sources and interrogation with accounting practitioners, this paper provides emphasis to accommodate global accounting standards, which will enable accounts keeping at one level, with the maintenance of secrecy and security of the data collected and available.
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