Difference in Intl Accounting

Question 3(a) Discuss and enumerate flipper (5) reasons (except culture) for international nib differences. State and explain these reasons for international differences citing suitable examples in distributively case. ( 50 marks ) The accountancy profession has long commit the need for a harmonised accountancy framework, and introduced the International publish up Standards Board (IASB), whose ultimate goal is to create sensation undivided international standard, the International Financial Reporting Standards (IFRSs). fifty-fifty though countries globe gigantic are adopting, or at least supplying to adopt, the international standards, adoption varies from beneficial adoptions immediately, serious adoption with clip lags, selective adoption and national standards essential based on IFRSs. With vast differences in economic and cultural conditions, a wide array of different financial coverage practices exist rough the world. This leads to significant differences in profits and pay assets when different countries chronicle rules are applied to the same transactions. Hence, I shall discuss five reasons for international chronicle differences. 1.

theology Religion transcends national boundaries, and in reality, account statement standards are non resistive from religious influence. The fact that accounting harmonization seems focused earlier on bringing the worlds accounting systems into capital of New Hampshire with IAS (which are based on Western standards) also infers that Judaic-Christian traditions and value may influence accounting standards, but may not accommodate other religions, such(prenominal) as Islam. Ham! id, 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 previously 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: OrderEssay.net

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