What are at least four reasons that accounting standards currently differ between countries?

What are at least four reasons that accounting standards currently differ between countries?

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September 3, 2023
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What are at least four reasons that accounting standards currently differ between countries?

Answer and ExplanationSolution by a verified expert

Explanation
Four reasons for accounting standards currently differ between countries -

i) The difference in the legal system between the countries.

ii) The difference in taxation rules to define the taxable income among the different countries.

iii) The difference in the source of financing for the countries.

iv) The difference in political and economic stability in different countries.

v) The effects of inflation also differ accounting standards between countries

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