As a result it is important to have a universal set of accounting standard in order to provide for consistency and accuracy of the recording of financial statements as well as to provide for a comparable set of books and records which are needed by the changing environment in the international and regional business structures.
Conclusively it can be mentioned that a universal set of accounting standards can provide the business with a single code of accounting procedures and policies for financial reporting and records management. This will greatly aid the business in terms of making their records comparable and comprehendible. However despite the fact that even if one universal set of accounting standards is used not all the problems related to the recording of the financial statements would be solved. The problems which would still remain will pertain to the accurate recording to the financial transaction and the presence of corruption and mismanagement of records which takes place in various regions around the world. The accounting standards can highlight corrupted and falsified records to an extent, therefore in order to identify and eliminate such records, strict monitoring policies and committees need to be set up which adhere to the universal accounting standards. Moreover aside from this and organizational change would have to be made pertaining to the culture in the organization so as to promote a healthy business structure which is legal in terms of their financial reporting.