Detail and discuss the impact of cultural factors on differences in accounting between countries.
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Detail and discuss the impact of cultural factors on differences in accounting between countries.
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- Identify several environmental factors that may explain why accounting principles differ among 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? 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.What are some of the problems created by differences in accounting across countries and the reasons to develop a set of internationally accepted accounting standards?
- In general terms, identify several factors that prompt differ-ent countries to develop different accounting principles.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.According to the simplified model of accounting diversity, what are two important factors influencing differences in accounting systems across countries? Please explain the two factors rather than just listing.
- Discuss the impact of globalization on accounting theory and the need for harmonization of accounting standards across different jurisdictions.Explain the environmental factors that lead to national differences in accounting.How do Gray’s accounting values establish a basis for financial reporting in countries with different cultural systems?
- Explain whether or not the adoption of IFRS by different countries will result in the adoption of consistent and comparable accounting practices internationally.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)?Define balance of payments. And explain why it is useful to examine a country’s balance-of-payments data?