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Critically discuss the influences from outside accounting which have affected the development of financial reporting in various countries - Essay Example

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Financial reporting refers to the process of collecting financial information of organizations or nations and evaluating it for purposes of presenting it in a form of financial statements relative to the international standards. Despite the international policy on the financial…
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Critically discuss the influences from outside accounting which have affected the development of financial reporting in various countries
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"Critically discuss the influences from outside accounting which have affected the development of financial reporting in various countries"

Download file to see previous pages As a point of departure accounting is a product of the environment and all factors attributed to the outside of accounting such as politics, legal framework among others will automatically influence the manner in which the accounting system of a nation operates differently from those of their nations. This brings us to the aspect of political systems. Various nations across the nations embrace diverse types of governance systems which immensely influence the type of accounting systems to be embraced across its borders. For instance, some of the political systems practiced include the multi-party democracy, one-party systems, traditional monarchies, military dictatorships and dominant-party systems (UNITED STATES, 2007). It is imperative to note that, the higher the level of a political system in terms of freedom, the lower the rank of a nation. This immensely influences the standards of the accounting systems that are embraced in a particular nation. For instance, the political systems of a nation stand a position of determining the nature of the economic structure a nation embraces hence determining the accounting patterns (TSAMENYI & UDDIN, 2009). Some nations can import or export accounting standards and practices; this brings the discrepancy of the accounting systems embraced by diverse nations. In addition, the element of political freedom of a nation is critical in the development of an accounting and reporting systems guided by the full and fair disclosure principle. In essence, when the populace is not allowed to make independent electoral choices, then the possibility of influencing accountable and transparent governance principles which will enable establishment of an accounting profession or system that is founded on the full and fair disclosure principle is low. Similarly on the side of legal systems, the same case of lack of influence in the formation of these systems defines ...Download file to see next pagesRead More
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