In most countries, accounting standard setting involves a combination of private- and public-sector groups. The private sector includes the accounting profession and other groups affected by the financial reporting process, such as users and preparers of financial statements, and organized labor. The public sector includes government agencies, such as tax authorities, ministries responsible for commercial law, and securities commissions. The stock market is another potential influence.

Required:

Complete a matrix indicating whether each of the above groups significantly influences accounting standard setting in the five countries discussed in this chapter. List the groups across the top and the countries down the side; indicate the influence of each group with a yes or a no.