Outline and differentiate the various definitions of international accounting?
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1.Outline and differentiate the various definitions of international accounting?
2.Explain the environmental factors that lead to national differences in accounting?
3.What are the two main legal systems operating worldwide? How might these affect accounting?
4.Countries that rely on capital markets for finance, as opposed to banks and governments, are likely to expect greater levels of public disclosure in their accounting systems. Evaluate this argument and provide examples.
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- 2.Explain the environmental factors that lead to national differences in accounting. 3.What are the two main legal systems operating worldwide? How might these affect accounting? Countries that rely on capital markets for finance, as opposed to banks and governments, are likely to expect greater levels of public disclosure in their accounting systems. Evaluate this argument and provide examples. 5.Outline and discuss three cultural aspects that can differ across countries. How do these cultural differences relate to differences in accounting systems? 6.What does accounting harmonisation mean? Differentiate harmonisation from convergence or adoption. 7.Explain the benefits of global adoption of IFRSs. 8. Outline the key challenges of US GAAP and IFRS convergence.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?Which of the following reason(s) help explain why accounting practices may differ across countries? a. Legal system. b. Culture. c. Political and economic ties. d. All of the above.
- Which factor explaining why accounting practices differ across countries do you think is most important? Explain why.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.
- 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?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?Discuss the impact of globalization on accounting theory and the need for harmonization of accounting standards across different jurisdictions.
- Harmonization of accounting standards through a private standard-setting process will have both advantages and disadvantages to American investors and businesses. 1. Discuss the advantages of harmonization to American investors. 2. Discuss why differences in accounting principles and disclosure requirements may place American businesses at a competitive disadvantage. 3. Discuss how the U.S. accounting profession can influence the process of harmonization.Which of the following is not a reason for establishing international accounting standards? Choose the correct.a. Some countries do not have the resources to develop accounting standards on their own.b. Comparability of financial reporting is needed between companies operating in different areas of the world.c. It would simplify the preparation of consolidated financial statements by multinational corporations.d. Demand in the United States is heavy for an alternative to U.S. generally accepted accounting principles.How do international accounting standards and cultural differences impact financial reporting practices in different regions of the world?