Discuss the following:1 Cultural impact on translating IFRS into different languages. Be sure to include some examples. Your discussion also should include the cultural differences per Hofstede's cultural dimensions that affect accounting interpretations/judgments across countries.2 How to cope with cultural impact on: (a) translating IFRS into different languages and (b) interpretation of IFRS across countries.

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?

Discuss the impact of globalization on accounting theory and the need for harmonization of accounting standards across different jurisdictions.

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.

Consider the economic debates about either 1) the effects of immigration on wages in receiving areas or 2) the effects of immigration on public finances in receiving areas. What are the main factual conclusions that you would draw from these debates?

Do you think one set of accounting standards is feasible for the entire world, given the fact that accounting rules are influenced by social,cultural, economic and legal environment of a country. Does US support the idea of single set of accounting standards throughout the world.

Which of the following is not about harmonization? Select one: a. Harmonization is a process of increasing the compatibility of accounting practices. b. Harmonization simply implies uniformity. A c. Harmonization is tailored towards breaking the barriers of national differences. d. Harmonization is a process of preparing financial statements.

Identify several environmental factors that may explain why accounting principles differ among countries.

In general terms, identify several factors that prompt differ-ent countries to develop different accounting principles.

How do cultural, social, and historical factors shape the development of accounting practices in different parts of the world, and what can we learn from studying these variations and differences?