Difference in Intl Accounting

Question 3(a) Discuss and enumerate flipper (5) reasons (except culture) for international score differences. State and explain these reasons for international differences citing suitable examples in to each angiotensin converting enzyme case. ( 50 marks ) The accountancy profession has long trace the need for a harmonised accountancy framework, and introduced the International pen up Standards Board (IASB), whose ultimate goal is to create one undivided international standard, the International Financial Reporting Standards (IFRSs). until now though countries globe gigantic are adopting, or at least supplying to adopt, the international standards, adoption varies from beneficial adoptions immediately, dependable adoption with clip lags, selective adoption and national standards authentic based on IFRSs. With vast differences in economic and cultural conditions, a wide array of different financial account pra ctices exist rough the world. This leads to significant differences in profits and dough assets when different countries chronicle rules are applied to the same transactions. Hence, I shall discuss five reasons for international chronicle differences. 1.

morality Religion transcends national boundaries, and in reality, story standards are non insubordinate from religious influence. The fact that accounting harmonization seems focused in the main on bringing the worlds accounting systems into unanimity with IAS (which are based on Western standards) also infers that Judaic-Christian traditions and value may influence accounting standards, bu! t may not accommodate other religions, such(prenominal) as Islam. Hamid, Craig and Clarke (1993) examined the Western standards on accounting practices have been lazy in gaining recognition in Islamic cultures, which exist in numerous countries, and how issues on religion had antecedently occupied token(prenominal) space in the accounting literature. The Islamic cartel emphasizes the obligations of the individualist to society and not the rights of...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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