Financial Accounting

Case 2: Variety is the Spice of Life interview 1: Due to the environmental factors that shape business relationship mystifyments in several(predicate) countries, using scarcely one uniform write up and assure standard whitethorn not represent a bring in win situation for all concerned. By using whole one method of account system within a international company can having very assorted effects in all areas. Since countries use and arrive at take issueent accounts systems, rules and regulations, monetary hides at the end of a year allow disaccord which may cause a negative effect on any country if only one uniform news report and account standard was use. Question 2: When using history tuition the primary role of accounting in different countries must be identified and understood that they result differ than their country. The penchant and information within a financial report will be affected. How accounting reports are interpreted and use d will be influenced. This can impart both advantages and disadvantages. The environmental factors which are likely to shape accounting development in a country are a great advantage to have diversified accounting practices and standards.

Each country would wherefore be able to develop their accounting standards based wrap up of the sideline factors: * Nature of capital markets * Type of Reporting * size and complexness of business entities * Type of legal systems * Level of enforcement * rove of inflation * policy-making and economic ties with other countries * Stature of accounting profession * ! Existence of abstract framework * Quality of accounting education With these factors in mind, countries are able to develop accounting standards that best suit their needs. This can allow for soothe in due reporting. One of the major disadvantages of having a diverse accounting standard within different countries is the ability to have the same(p) information on the reports. A country with high up financial reporting and disclosure...If you want to get a able essay, order it on our website: OrderCustomPaper.com

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