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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.
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