Question:
As a manager, you feel it is important for the new hires to understand the reasons for the development of IFRS. Your new hires have been discussing the legal systems contribution to the accounting rules of different countries.
Explain at least 2 causes or reasons for international differences in accounting.
Compare the accounting systems in 2 countries with differing legal systems. Explain why each country's system is the way it is. Highlight the similarities and differences between the 2 countries' sets of accounting systems.