Effective control systems are usually situation specific and tailored to the management of each organisation. The exercise of managerial choice and the interdependence of accounting systems and the environment are acknowledged". (Rayburn and Rayburn (1991, p. 57)
U.K. follows common law whereas Greece follows codified law falling under British Commonwealth and continental Europe respectively. "Greek law is based on codified Roman law with the judiciary divided into civil, criminal, and administrative courts. Judicial independence is guaranteed under the constitution" (Greece Profile)
Many countries' accounting practices are influenced by their respective income taxation rules ignoring any other broader objectives. (Nobes 1983, Purcel & Scott 1986) In the case of Government bureauracrats setting the accounting standards, they are unequivocal in fixed formats. ".Bureaucracies are more likely to want certainty to make assessment of taxes, adherence to regulatory rules, etc., easier to specify and enforce" (Robinson, Chris, Venieris, george 1996)
Greek accounting is guided by its Corporate Law 2190/1920, accounting standards stipulated by the Ministry of National Economy, the ...