Advantages of International Harmonisation of Accounting Standards:

1. Comparability of Financial Statements:
   Harmonisation ensures that financial statements are comparable across different countries. This benefits multinational companies by making it easier for investors and stakeholders to assess and compare performance across various markets.
2. Simplification of Accounting Practices:
   With one set of global standards (e.g., IFRS), multinational companies do not need to maintain different accounting policies for each country they operate in. This simplifies financial reporting, reduces administrative costs, and promotes consistency.
3. Access to International Capital Markets:
   Harmonisation enables multinational companies to access international capital markets more easily, as financial statements prepared under globally accepted standards are more readily understood and accepted by investors and regulators across different jurisdictions.

Disadvantages of International Harmonisation of Accounting Standards:

1. Cultural and Economic Differences:
   International harmonisation may not account for the unique cultural and economic environments of different countries, including Ghana. Some companies may find that certain aspects of IFRS are not well-suited to local business practices or economic conditions.
2. Implementation Costs:
   Adopting international standards can be costly for companies, especially those that need to retrain staff, upgrade accounting systems, and make adjustments to comply with new regulations. This may be a burden on smaller companies or companies in developing economies.
3. Loss of Flexibility:
   Harmonisation may reduce the flexibility that local accounting standards offer in reflecting specific national regulations or business environments. For instance, some aspects of local laws might conflict with IFRS, creating challenges in compliance for multinational companies.