Globalization process Essay

Due to the yield of globalization cognitive process, many changes are taking place within the mainstream rail line activity. As the organizations becoming to more and more globalized, the need to stand a uniform set of international standards is strongly felt.This argument is based on the circumstance that since organizations are becoming global and have to face the diametric legal as well as cultural environments therefore in a bid to reduce the bottlenecks for the international firms as well as creating a uniform set of spick-and-spans report rules and regulations, it is captious that a crossing shall be made to the international accounting standards so that a conformity can be achieved.The experience of EU and Canada has been successful so as those of other countries who are making a transition to the international accounting standards. This experience is also considered as a strong signal for the US to adapt to the smart standards because it is connected with the glob al world.The complexities of the international trade have led much international business to remove the conflict in the midst of the different standards in place and as such the effort from the US is one of the attempts to converge to the International standards to achieve the desired results. However, it is also critical to note that many argue that such transition provide be costly for the American firms because an earlier transition to Sarbanes Oxley has been a costly suggest for the many companies and most of them may be reluctant to adapt to the new standards.The costs, however, may be relatively high but the added benefits which US firms may enjoy after this convergence may greatly outweigh the benefits. The accord of the standards will allow international firms, especially to be more limber and support the initiatives taken by the Security and Exchange Commission to crop a phased transition to the adaptation of the IFRS.The process of this convergence can be touchy t o assess as it is a phased process however, given the fact that more than 85 countries have vary the IFRS itself indicate that more and more countries are now willing to adapt to the international standards in order of battle to facilitate the businesses to adapt a uniform set of standards. Such bigger scale adaptation of the standards however, also creates cultural as well manner of speaking problems as the correct and accurate interpretation of the standards itself is an issue to deal with. lyric poem and culture therefore are two of the potential impediments which can control the true applicability of the standards even if the standards are fully implemented and adapted by the countries. If we assess the globalization of accounting standards with special reference to US, we will also come to know that few of the international firms in US have already adopted the standards for their foreign subsidiaries and as such this process may not be as complicated to them as they may pe rceive it.However, what is also critical to note that those firms which have only the domestic presence within the US market may find it difficult to cope with the increasing costs as well as adapting to the new standards? This will not only require investment into improving the scientific discipline level of the employees as well as would require additional cash to implement the new system.