This report discusses the accountancy practices of the following countries U.K, U.S.A and China. An analysis of these different account statement systems will be conducted on issues such as the egress and background, social, economic and fiscal pressures that endure led to each nations menstruation characteristics. Concluding on the direction each nations accounting systems and practices attend to be heading towards.
Introduction
The main characteristics of U.K accounting is that it is highly reign by organised accounting profession, which only relate to limit liability companies, no other such entity. A appropriate fiscal accounting has been developed entirely from commercial accounting. popular sector in the U.K follows its feature different rules in accounting.
U.K was mavin of the initial and first countries in the world to develop and have Companies acts containing provisions and also one of the first professional accounting bodies was established in the U.K. Professional accountants and company law gyp a key role in dominating the U.K corporate financial reporting and play a significant enamour varying from external and domestic factors. Britains financial market is incorporate around a capital financial market base financial system where the stock market funds great scale businesses, trading securities and pricing role. The stock exchange and tax system have very little work in financial reporting. Having said that, the stock market has involvement in developing financial reporting standards for listed companies. Although U.K seems to have developed its own companies act and regulations, it still has received indirect foreign influence from member states of the European union through EU directives and from U.S.A with their new-sprung(prenominal) accounting standards.
Financial reporting and accounting in the U.S.
A seems to have a large and dominant influence on accounting in the world today with its largely consistent standards promulgated by the international accounting standards committee. However, the U.S.A...
this is an excellent mo of work peculiarly with the comparison of US,UK and China accounting standard. Definitely a easily piece for research.
Good description of US and Uk gaap, however it only scratches the surface, which I believe is a pitty. However for students that would like to get a quick overview on the different standards and ethics (I am missing a bit on ethics) it is a good piece of work to start with. However Grays point of view (1988) on cultural differences (e.g. powerdistance, transparency) is missing
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