There is multinational accounting. Describe the international environment and list five factors influencing the development of accounting among nations.
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There is multinational accounting. Describe the international environment and list five factors influencing the development of accounting among nations.
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- Explain the major factors influencing the international development of accounting systems.Discuss the impact of globalization on accounting theory and the need for harmonization of accounting standards across different jurisdictions.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.
- International accounting can be defined in terms of which the following levels? A)Supranational organizations B)Company C)Country D)All of the aboveExplain the Balance of Payments account of a country with its four subheads. Why is it important to an international business manager?Discuss the impact of globalization on financial reporting, including the challenges and opportunities presented by international accounting standards and the need for harmonization of financial reporting practices.
- What is global accounting standard that is helping entities, accountants and investors operate across national borders.Critically appraise the benefits and drivers of international financial reporting convergence and harmonisation undertaken by the International Accounting Standard Board (IASB). Define the term ‘financial reporting convergence’ as part of your answer.Briefly explain the history of accounting in a develop and underdevelope countries
- ________ is the process of bringing different national Generally Accepted Accounting Principles into line with International Financial Reporting Standards. A) Orientation B) Harmonization C) Integration D) Convergence E) Reconciliation1.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?What are some of the common points in monitoring accounting information in different countries? (List two and explain at least two from different countries). What are the distinctive features of financial reporting in the cited two countries?