The international harmonization towards the accounting model of the IASB: main differences between the IFRS and the Spanish general accounting plan

Abstract

The globalization of the economy, due to the existence of accounting diversity, has led to the process of harmonization. Accounting models should be harmonized to reduce this diversity between countries, this way they can be compatible in order to make possible the comparation between the financial statements of companies located in different countries. One of the most important systems that carry out the harmonization procedure is the IASB, which is responsible of the issue, through global recognition and support, is the international accounting standards. In this project the history of this organism will be made known as well as its restructuring and the process of elaboration of its normative. From this moment on, it is more emphasized when, after the EU adopted the IASB model, Spain carried out an accounting reform in which it adapted the international standards, which was when the most significant differences appeared between the two regulations, in the focus of this study.