How do Gray’s accounting values establish a basis for financial reporting in countries with different cultural systems?
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How do Gray’s accounting values establish a basis for financial reporting in countries with different cultural systems?
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- Which factor explaining why accounting practices differ across countries do you think is most important? Explain why.How do international accounting standards and cultural differences impact financial reporting practices in different regions of the world?Which of the following reason(s) help explain why accounting practices may differ across countries? a. Legal system. b. Culture. c. Political and economic ties. d. All of the above.
- Which of the following factors has not influenced the development of accounting practices in various nations? a.cultural background b.the political environment c.economic development d.all of these factors have influenced the development of accounting practicesWhat are some of the problems created by differences in accounting across countries and the reasons to develop a set of internationally accepted accounting standards?accounting standards for each country differ due to the unique environments that have developed over time. So then, why is it important to discard these cultural differences (which are very important to the culture's identity) to develop uniform accounting rules and principles (i.e. IFRS)?
- What contemporary factors are contributing to the internationalization of the subject of accounting?Which of the following historical reasons for accounting diversity could explain why accounting standards would be more detailed in some countries than in others? Choose the correct.a. Different rates of inflation across countries.b. Different legal systems across countries.c. Differences across countries in the extent to which financial statements are the basis for taxation.d. Political and economic ties between countries.Which of the following historical reasons for accounting diversity could explain why accounting standards would be more detailed in some countries than in others?a. Different rates of inflation across countries.b. Different legal systems across countries.c. Differences across countries in the extent to which financial statements are the basis for taxation.d. Political and economic ties between countries.
- what are the reasons financial accounting standards inspire or encourage political action and involvement dring the standard-setting process?2.Explain the environmental factors that lead to national differences in accounting. 3.What are the two main legal systems operating worldwide? How might these affect accounting? Countries that rely on capital markets for finance, as opposed to banks and governments, are likely to expect greater levels of public disclosure in their accounting systems. Evaluate this argument and provide examples. 5.Outline and discuss three cultural aspects that can differ across countries. How do these cultural differences relate to differences in accounting systems? 6.What does accounting harmonisation mean? Differentiate harmonisation from convergence or adoption. 7.Explain the benefits of global adoption of IFRSs. 8. Outline the key challenges of US GAAP and IFRS convergence.1.Why do different countries have different accounting standards? Explain your answer withsuitable example.2. What are the advantages of a single set of international accounting standards?