Difference in Intl Accounting

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

organized religion Religion transcends national boundaries, and in reality, accountancy standards are not tolerant from religious influence. The fact that accounting harmonization seems focused in the first place on bringing the worlds accounting systems into consonance with IAS (which are based on Western standards) also infers that Judaic-Christian traditions an d set may influence accounting standards, b! ut 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 Muslim cultures, which exist in numerous countries, and how issues on religion had antecedently occupied token(prenominal) space in the accounting literature. The Islamic credit 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

If you want to get a full essay, visit our page: write my paper