ABSTRACT: THE EFFECT OF GLOBALIZATION ON INTERNATIONAL ACCOUNTING PRACTICES
This study explores the effect of globalization on international accounting practices, aiming to (1) evaluate the impact of globalization on the harmonization of accounting standards, (2) assess the role of international accounting bodies in standardizing practices, and (3) analyze the challenges posed by globalization to accounting professionals. A survey design was chosen for its ability to collect comprehensive data from a wide respondent base. Using Taro Yamane’s formula, the sample size was calculated to be 390 respondents, ensuring a 95% confidence level and a 5% margin of error. The research was conducted in Lagos, a city deeply integrated into the global economy. The survey achieved a reliability coefficient score of 0.92. Findings indicate that globalization significantly promotes the harmonization of accounting standards but also introduces challenges such as regulatory discrepancies and cultural differences. The study recommends fostering international collaboration among accounting bodies and providing continuous professional development to adapt to the globalized accounting environment.