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tional Accounting and Multinational Enterprises, there are 'international pressures for improvements in the comparability of accounting and information disclosure by corporations, especially MNEs, arising from the diverse interests and concerns of a wide range of participant groups and organizations. Underlying these pressures is the fundamental belief that improvements in comparability will facilitate more informed international comparisons of corporate performance and prospects, with consequent economic benefits (Radebaugh, et al. 2006).' In order to understand every aspect of this need, we must first identify the major parties and their interests in the matter: governments, trade unions and employees, investors, bankers and lenders, and accountants and auditors. However, in the interests of this paper we will concentrate on accountants and auditors.

International accounting firms have directly grown to the growth of MNEs, developing international professional organizations in order to accommodate harmonization of international accounting and reporting. The most notable of these organizations is the International Accounting Standards Board (IASB). The IASB is an independent entity set to work closely with individual groups who use local accounting standards in order to help merge them into an agreeable solution. The IASB also remains independent in order to serve the interests of the entire community rather than any specific one. According to Radebaugh, the stated objectives of the IASB are:

a.To formulate and publish in the public interest accounting standards to be observed in the presentation of financial statements and to promote their worldwide acceptance and observance  b.To work generally for the improvement and harmonization of regulations, accounting standards, and procedures relating to the presentation of financial statements  One of the achievements the IASB is able to boast is the establishment of International

Financial Reporting Standards (IFRS).

In the realm of international accounting, there are two individual groups, U.S. Generally Accepted Accounting Principles (GAAP) and IFRS. U.S. GAAP is followed by companies which are formed or operating within the United States, and currently requires the reconciliation of IFRS financial statements to GAAP. While, over 100 countries have already adopted some form of IFRS. The use of two standards is inefficient, costly, and time consuming for global companies who must use both forms of accounting standards in order to comply with the jurisdictions set up in the areas in which they operate (Newman, 2009).

There are however some differences between the two standards that have yet to be reconciled and could be the reason for the separation: objectives, qualitative content, elements of financial statements, capital maintenance concepts, and recognition and measurement.

'Although both frameworks focus on providing information that is useful in making economic decisions, the FASB framework establishes the objectives of financial reporting and the IASC framework specifies the objectives of financial statements. This difference may be critical, given the changing nature of business and related pressures to improve the information provided to financial statement users (Campbell, et al. 2002).'

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