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Lecture Advanced accounting (12/e): Chapter 11 - Joe B. Hoyle, Thomas F. Schaefer, Timothy S. Doupnik

Chapter 11 - Worldwide accounting diversity and international standards. After studying this chapter, you should be able to: Explain the major factors influencing the international development of accounting systems, understand the problems created by differences in accounting standards across countries and the reasons to develop a set of internationally accepted accounting standards, list the authoritative pronouncements that constitute International Financial Reporting Standards (IFRS),. | Chapter Eleven Worldwide Accounting Diversity and International Accounting Standards McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Reasons for Accounting Diversity Legal System Tax Regimes Inflation Culture Financial Providers Political and Economic Ties All these interact!!! LO 1 11- Gray’s Framework for the Development of Accounting Systems Internationally Cultural Dimensions Individualism Uncertainty Avoidance Power Distance Masculinity Institutional Conseq. Legal system Corporate Ownership Capital Markets Professional Associations Education & Religion Accounting Values Professionalism Uniformity Conservatism Secrecy Accounting Systems Authority Enforcement Measurement Disclosure 11- Cultural Dimensions Individualism Uncertainty Avoidance Power Distance Masculinity Accounting Values Professionalism Uniformity Conservatism Secrecy Institutional Conseq. Legal system Corporate Ownership Capital Markets Professional Associations Education & Religion Accounting Systems Authority Enforcement Measurement Disclosure Nobes’ Model of the Reasons for International Accounting Diversity Nobes’ simplified model has two explanatory factors: (1) national culture, including institutional structures, (2) the nature of a country’s financing system divided into two classes. Class A (Strong equity-outsider financing system) Less conservative Greater disclosure Financial and tax accounting separate Class B (Weak equity-outsider financing system) More conservative Less extensive disclosure Financial reporting follows tax rules 11- Nobes’ Model of the Reasons for International Accounting Diversity Nobes’ simplified model has two explanatory factors: (1) national culture, including institutional structures, (2) the nature of a country’s financing system divided into two classes. Class A (Strong equity-outsider financing system) Less conservative Greater disclosure Financial and tax accounting separate Class B (Weak equity-outsider | Chapter Eleven Worldwide Accounting Diversity and International Accounting Standards McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Reasons for Accounting Diversity Legal System Tax Regimes Inflation Culture Financial Providers Political and Economic Ties All these interact!!! LO 1 11- Gray’s Framework for the Development of Accounting Systems Internationally Cultural Dimensions Individualism Uncertainty Avoidance Power Distance Masculinity Institutional Conseq. Legal system Corporate Ownership Capital Markets Professional Associations Education & Religion Accounting Values Professionalism Uniformity Conservatism Secrecy Accounting Systems Authority Enforcement Measurement Disclosure 11- Cultural Dimensions Individualism Uncertainty Avoidance Power Distance Masculinity Accounting Values Professionalism Uniformity Conservatism Secrecy Institutional Conseq. Legal system Corporate Ownership Capital Markets Professional Associations .