1. The Gray Model, as shown below, explains the development of a country's accounting system. Based on the model, culture has an impact on country's accounting system through the influence on accounting values. The cultural values shared by members of a society influence the accounting values shared by members of the accounting sub-culture and these, in turn affect the financial reporting rules and practices found within the country. Cultural dimensions Accounting values Financial reporting rules and practices Required. Discuss in detail the implications for global convergence of financial reporting standards raised by Gray's model