please answer those question for exam answer it has to be easy understanding for the tutor. use...

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please answer those question for exam answer it has to be easy understanding for the tutor. use plain word pls.thanks

Robert · Accepted Answer

QUESTION: 
DO YOU BELIEVE IT IS APPROPRIATE to have a single global set of accounting standard as 
well as one conceptual framework that has global applicability? 
SOLUTION: 
The accounting standards followed in one country differ from the standards of another country. 
There are various factors which contribute to the differences between accounting standards such 
as different infrastructure, culture legal requirements, regulatory, litigious, taxation system, socio 
economic and political systems and individual differences among accountants. Due to these 
differences the financial statements prepared by companies across the globe are not comparable 
and it becomes difficult for the users to interpret them. It acts as a blockage in global capital 
movement and results in less than optimal allocation of capital.

please answer those question for exam answer it has to be easy understanding for the tutor. use plain word pls. thanks

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