Which of the following historical reasons for accounting diversity could explain why accounting standards would be more detailed in some countries than in others? Multiple Choice Different legal systems across countries. Political and economic ties between countries. Differences across countries in the extent to which financial statements are the basis for taxation. Different rates of inflation across 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? Multiple Choice Different legal systems across countries. Political and economic ties between countries. Differences across countries in the extent to which financial statements are the basis for taxation. Different rates of inflation across countries.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA1: International Financial Reporting Standards

Section: Chapter Questions

Problem 6MCQ

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Similar questions

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.
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.
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?
Detail and discuss the impact of cultural factors on differences in accounting between countries.
How do international accounting standards and cultural differences impact financial reporting practices in different regions of the world?
In general terms, identify several factors that prompt differ-ent countries to develop different accounting principles.
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)?
discuss some of the issues that some U.S. accountants have with IFRS. There are some fundamental differences between U.S. GAAP and IFRS that many believe should prevent the U.S. from convergence.
What are some of the differences between International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP)? What are some advantages and disadvantages of adopting IFRS in the US?
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.
Explain whether or not the adoption of IFRS by different countries will result in the adoption of consistent and comparable accounting practices internationally.