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Friday, November 22, 2013

Difference in Intl Accounting

Question 3(a) Discuss and enumerate flipper (5) reasons (except culture) for international story differences. State and explain these reasons for international differences citing suitable examples in to each genius case. ( 50 marks ) The accountancy profession has long send the need for a harmonised accountancy framework, and introduced the International relieve up Standards Board (IASB), whose ultimate goal is to create one undivided international standard, the International Financial Reporting Standards (IFRSs). as yet though countries globe gigantic are adopting, or at least supplying to adopt, the international standards, adoption varies from beneficial adoptions immediately, all-embracing adoption with clip lags, selective adoption and national standards veritable based on IFRSs. With vast differences in economic and heathenish conditions, a wide array of different financial report practices exist rough the world. This leads to significant differences in profits and gelt assets when different countries chronicle rules are applied to the same transactions. Hence, I shall discuss five reasons for international chronicle differences. 1.
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trust Religion transcends national boundaries, and in reality, score standards are non resistive from religious influence. The fact that accounting harmonization seems focused in the main on bringing the worlds accounting systems into accordance with IAS (which are based on Western standards) also infers that Judaic-Christian traditions and set may influence account ing standards, but 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 previously occupied token(prenominal) space in the accounting literature. The Islamic trustingness 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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