Think ahead 10 years from now. Prepare a classification of accounting systems that you think will exist then. What factors motivate your classification?

Question

David · Accepted Answer

Post globalization, once the countries opened up the boundaries for cross border business, the counting of accounting aspect for business houses has become a very challenging job. As it is understood that, accounting is a language of business and this la
Post globalization, once the countries opened up the boundaries for cross border business, the counting of accounting aspect for business houses has become a very challenging job. As it is understood that, accounting is a language of business and this language of business differ from country to country because of various reasons while going for financial reporting for the companies, it is high time to pay attention for accounting presentations made by the compnaies. Generally the accounting reporting of business from one country to the other country differs in many aspects. There are various reasons contributing towards the difference in accounting reporting as per the author Christopher Nobes. The main reasons are highlighted below:
Nature of business ownership and financing system.
Stage of economic development.
Across the globe, the nature of business ownership differs from one country to the other country and accordingly the financing system also differs. Hence as a consequence to this, while preparing the financial statement, the financial reporting gets modulated accordingly. In times, in certain countries every entity mentions the ownership of business as a top priority. It also happens that,

Think ahead 10 years from now. Prepare a classification of accounting systems that you think will exist then. What factors motivate your classification?

Solution

Answer To This Question Is Available To Download

Related Questions & Answers

Submit New Assignment