International harmonisation of accounting
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"IS are a recognised method of benchmarking business systems and offer a systematic approach to best practice in various fields. This is also true in relation to information security where implementing and demonstrating best practices can offer a comprehensive solution to a complex problem" (Gerry Kelly, Business Post, May 2002 ).
This present need to harmonise international accounting standards is indeed a far step from prior to 1970 when no accounting standards existed. The Accounting Standards Committee formed in 1970 was a long awaited in order to bring about professional accounting regulation. Throughout Europe diverse methods of accounting treatments existed, there was lack of disclosure and a series of scandals ushered in the need to establish a regulatory body. It aimed to gain some consistency across the accounting profession. However it witnessed limited success mainly as a result of lack of support and no way to enforce compliance. The Accounting Standards Board finally replaced it in 1990.
At this moment in Ireland it is the Institute of Chartered Accountants in Ireland who are responsible for the implementation of accounting standards. In the accountancy profession Irish accounting standards are very closely linked to them of Britain...