International accounting - Essay Example

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International accounting

However, as world trade and financial markets get more and more integrated, these differences are being either removed or narrowed down leading to the development of a single universally accepted accounting standard.
As brought out earlier, accounting practices are shaped by economic, political, cultural and legal factors. It is necessary to understand these differences to have a wider understanding of accounting practices as well as to be better prepared to operate in a globalized market. Some of the salient differences between the systems prevalent in the United Kingdom and Germany are in the fields of:
Strategic Emphasis. The Continental system lays greater emphasis on technological advancement and on maintaining a long-term relationship with bankers, suppliers and customers alike, vis--vis the Anglo-American model.
One practical difference that comes immediately to mind as a result of the above factors, is the different method of depreciation followed in the United Kingdom and Germany, which are at the opposite ends of the spectrum. ...Show more

Summary

Accounting practices differ considerably from country to country, and have been influenced by prevailing socio-economic-cultural factors. Over the centuries, many countries have contributed to the development of accounting. The United Kingdom e.g. contributed the 'true and fair' view, the United States the concept of 'substance over form', and Germany 'standardized formats' for financial statements, all of which were fuelled by commercial developments…
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