Compare and contrast the main features of financial reporting in the five countries discussed in this chapter.
Answer to relevant QuestionsAuditor oversight bodies have recently been established in several countries discussed in this chapter. Identify the auditor oversight bodies discussed in the chapter. What is the reason for this recent trend?What important features of accounting and reporting are necessary to develop an efficient stock market with fair trading? How likely is it that China will develop such a stock market? Why do you say so?Refer to Exhibit 4-5.Required: Which country’s GAAP appears to be the most oriented toward equity investors? Which country’s GAAP appears to be the least oriented toward equity investors? Why do you say so?The chapter identifies seven economic, socio-historical, and institutional factors believed to influence accounting development. Explain how each one affects accounting practice.What are the prospects of a convergence or harmonization of national systems of accounting and financial reporting? What factors might be influential in promoting or inhibiting change?
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