The following are obstacles for international harmonization of accounting standards;
A different legal system whereby some countries require certain accounting practices and policies and other countries do not.
Different purposes of financial statements, this is IFRS aimed at investment decision-making whereas many countries use financial statements for tax purposes.
Language and cultural differences. Both of these can cause difficulties in the adoption of harmonized accounting standards.
Lack of strong accountancy bodies. Many accountancy bodies in various countries are not independent or strong enough to press for harmonization of accounting standards in their jurisdiction.
The different users of financial statements. Countries vary in the importance they place on user groups
