Why are accounting systems different in today’s global market?
Expert Answer
Accounting systems are different in Global market because it support countries’ individual accounting practices, principles, and reporting needs. As goliath has highlighted that the accounting diversity between different counties is a result of the differences in GAAP rules, i.e. accounting measurement and disclosure rules of the countries.
Also, the country’s management behaviour and the degree of alignment between tax and financial accounting influence the country’s accounting system.
Other than that, other factors that might influence a country’s accounting systems are the business and capital providers’ relations, country’s economic and political
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