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2 years ago

Critically discuss SIX causes of differences in accounting practices used in different countries.

Business

1 answer:

Liono4ka [1.6K]2 years ago

4 0

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.

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