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Abstract: This study digs into the historical development of accounting standards worldwide, investigating the factors shaping the current landscape. The objectives of the study include comparative analysis across regions, identifying the implementation challenges and examining the role of regulatory bodies. It examines the impact of international transactions on the convergence or divergence of standards. The study is exploratory and therefore uses secondary sources such as books, journals, magazines, and publications of professional and governmental bodies, to investigate the historical developments of accounting standardization, concentrating on significant milestones, challenges, and opportunities in the development of financial reporting practices. It explores early developments in response to economic crises through a conceptual framework, the formation of international accounting standards, comparative analysis of International Financial Reporting Standards and the United States Generally Accepted Accounting Principles, national and cultural influences on standardization and technological advances. Theoretical views such as institutional, political economy globalization, diffusion of innovations, and agency theories provide insights into the driving forces behind accounting standardization. The study expects a future characterized by dynamic transformation and innovation, occasioned through technological development and new trends leading to a healthy, agile, transparent, and socially responsible global financial reporting structure. This study offers insights for academics, educators, and policymakers, informing discourse on regulatory effectiveness and the effect on global financial reporting practices. The study offers insights into the history, challenges, and future of accounting standardization, emphasizing efforts to improve transparency and global uniformity while addressing cultural and economic complexities. |
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