What does accounting harmonisation mean

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Reference no: EM132861580

1. Outline and differentiate the various definitions of international accounting.

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?

4. Outline and discuss three cultural aspects that can differ across countries. How do these cultural differences relate to differences in accounting systems?

5. What does accounting harmonisation mean? Differentiate harmonisation from convergence or adoption.

6. Outline the key challenges of US GAAP and IFRS convergence.
12.4 Form small teams and have each team select two countries from different cultural areas. Identify and compare each country's environmental, cultural and accounting values.

Case study 12.1: US accounting switch to aid multinationals

1. Outline some reasons the US regulators are likely to accept financial reports prepared under IFRSs rather than US GAAP for listing purposes.

2. What would you perceive to be negative aspects of convergence between the FASB and IASB? Explain your answer.

3. How do you think the agreement to accept IFRSs will impact on US companies?

Reference no: EM132861580

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