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.

Answer 2:- There are a range of environmental factors that can influence accounting on an…

Answered: 2.Explain the environmental factors…

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?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA1: International Financial Reporting Standards

Section: Chapter Questions

Problem 6MCQ

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Question

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.

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