ASSIGNMENT Explain briefly how these factors can influence the adoption of IFRS by a country. Extent of economic development Nature of domestic business ownership and financing systems Colonial inheritance Cultural differences Legal systems Tax policies or laws Sources of funding Huge cost of developing own standards
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ASSIGNMENT
Explain briefly how these factors can influence the adoption of IFRS by a country.
- Extent of economic development
- Nature of domestic business ownership and financing systems
- Colonial inheritance
- Cultural differences
- Legal systems
- Tax policies or laws
- Sources of funding
- Huge cost of developing own standards
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- ASSIGNMENT Explain briefly how these factors can influence the adoption of IFRS by a country. Extent of economic development Nature of domestic business ownership and financing systems Colonial inheritanceThe Economic Planning Unit (UPE) serves as an agency that plans the country's economic development by formulating and implementing national economic development plan policies. Identify whether this statement is true or false. Select one:TrueFalsedetails on Foriegn Direct Investment & Regional Economic Integration to reflect on companies' decision making related to International operations
- define each term/concept then indicate how they relate to each other and/or how they both relate to specific challenges in economic development: industrial policy and the principle of government non-interference in tradeDetail and discuss the impact of cultural factors on differences in accounting between countries.Explain the role of private multinational corporations (MNCs) in foreign direct investment indeveloping countries. In your answer:• Describe what a multinational corporation is, with specific reference to their most commoncharacteristics.
- Which of the following environmental factors can affect thecost of doing business in a foreign country? (Identify allcorrect answers.)a. The educational level of the workforce.b. Laws regulating the transfer of profits out of a country.c. Tax and tariff regulations.d. Restricted access to communication and transportationnetworks.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.discuss any four factors that foreign direct investment (FDI) consider when evaluating the political risk associated in a foreign country
- Where are the EU regulations successful in ensuring financial statement comparability between enterprises based in many countries? What are your reasons for or against?Discuss the impact of globalization on accounting theory and the need for harmonization of accounting standards across different jurisdictions.Difference between financial market and financial institution and give examples in local and international setting.