globe demonstrate that globalization has had significant influence in the development of a global set of accounting standards. This paper examines the role globalization has played in this process, especially in how it has contributed to the increased need for a global set of ethical standards. The discussion incorporates an evaluation of this need in light of recent accounting scandals attributed to unethical practices. The efforts taken by the United States and the international community towards establishing these standards are also discussed. In addition, challenges experienced by these two governing bodies in this process are also evaluated.

Globalization in Accounting Ethics:

Over the last several years, countries and capital markets across the world have become increasingly interdependent. Consequently, recent events have shown that a shock in one area or region may affect the other markets or regions. The increased interdependence of countries and capital markets has been characterized by increased...
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