Find answers to your questions and expand your knowledge with IDNLearn.com. Get the information you need from our experts, who provide reliable and detailed answers to all your questions.
Sagot :
Answer:
Six causes of differences in accounting practices used in different countries is explained below with detail explanation.
Explanation:
The following are six problems of the variation in Accounting practice practiced in different nations.
- Environmental Factors
- Legal Systems
- Cultural Difference
- Taxation
- Finance providers
- Inflation
Legal System :
The legal system of a nation performs an essential role in the development of Accounting policies.
Taxation :
In some countries, Accounting and Taxation are dependent on each other. Whereas in other countries they are independent.
Inflation :
Inflation doesn't remain the same for every country. Uniform accounting practice cannot be followed because of this reason.
Cultural Differences/Diversity :
Cultural diversity plays a pivotal role in the Accounting practice of each country. Cultural practices lead to different practices being followed across the globe.
Environmental Factors :
Many countries have started to incorporate environmental Accounting in their financial statements.
We appreciate your presence here. Keep sharing knowledge and helping others find the answers they need. This community is the perfect place to learn together. IDNLearn.com has the answers you need. Thank you for visiting, and we look forward to helping you again soon.
