The international disparities against global accounting uniformity is an interesting study. This article demonstrates various inherent factors such as diverse country practices for such differences and how emphasis on quality disclosure could be helpful in this scenario.

Change is inevitable! This is true even of the most standardized discipline "the Accounting". This discipline represents the so-called sound standards that are taken for granted by the corporates until something goes wrong. And things indeed went wrong, as the corporates cooked their financial reports with the aid of these decades-old standards. It's since late 1990s when the Asian financial crisis broke out that the dark ages of accounting stream began. And thereafter many prominent companies such as Enron, WorldCom, Tyco and Arthur Anderson, all have dominated the headlines for their accounting dirt.

Apart from accounting shenanigans, a strong disjunction between increasingly global capital markets and the continued supremacy of national disclosure practices was felt. In parallel, cross-listing number of international companies increased in New York Stock Exchange (NYSE), London Stock Exchange (LSE) and the Tokyo Stock Exchange (TSE). Due to such advancements, many academicians feel that uniform standards will help the investors to compare the performance of companies across the nations. So, do these developments mean that the world must move towards common disclosure and enforcement standards and what are the inherent limitations of the accounting regime in this aspect? Many have their own doubts about such standards, as they may be fragmented under the pressure of accelerating changes in financial instruments as well as strategies that companies adopt.

The Accounting World Magazine, Worldwide Financial Reporting, New York Stock Exchange, NYSE, London Stock Exchange, Financial Accounting Standards Board, FASB, Generally Accepted Accounting Principles, GAAP, International Accounting Standard Board, IASB, International Financial Reporting Standards, IFRS, European Union, European Capital Markets, Sarbanes Oxley Act, Securities Exchange Commission, SEC, Multinational Companies, MNCs.