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FinancialAccountingTheoryCraigDeegan,Chapter6InternationalaccountingandtheeffectsofculturaldifferencesandharmonisationeffectsSlideswrittenbyMichaelaRankin,Copyright2000McGraw-HillBookCo.Aust.PPTt/aFinancialAccountingTheorybyDeegan,6.2,LearningObjectives,Inthischapteryouwillbeintroducedtoanappreciationthattherearemanydifferencesbetweensomecountriesintheaccountingpoliciesandpracticesadoptedvariousexplanationsaboutwhycountriesadoptparticularaccountingpracticesinpreferencetootherssomeoftheargumentsthatsuggestthatitisappropriatethatthereareinternationaldifferencesinaccountingpractices,Copyright2000McGraw-HillBookCo.Aust.PPTt/aFinancialAccountingTheorybyDeegan,6.3,LearningObjectives,whatismeantbythetermharmonisationofaccountingsomeoftheperceivedbenefitsofharmonisingaccountingpracticesonaninternationalscalesomeoftheobstaclestoharmonisation,andthecriticismsthateffortstoharmoniseaccountinginternationallyhaveattracted,Copyright2000McGraw-HillBookCo.Aust.PPTt/aFinancialAccountingTheorybyDeegan,6.4,Threewaysinternationalaccountingcanbedefined,universalorworldaccountingconsidersissuesassociatedwiththeimplementationofauniformsetofaccountingrulesthroughouttheworldcomparativeorinternationalaccountingdifferencesinthewaysdifferentcountriesundertakethepracticeoffinancialaccountingparentforeignsubsidiaryaccountingpracticesemployedinconsolidatingthefinancialstatementsofparententitieswithoverseassubsidiaries,Copyright2000McGraw-HillBookCo.Aust.PPTt/aFinancialAccountingTheorybyDeegan,6.5,Twomainmodelsoffinancialaccounting,Anglo-Americanmodelstronglyinfluencedbyprofessionalaccountingbodiesratherthangovernment,emphasisesimportanceofcapitalmarkets,emphasisestrueandfair,considerationsofeconomicsubstanceoverlegalformContinentalEuropeanModelrelativelysmallinputfromaccountingprofession,littlerelianceonqualitativetrueandfair,strongrelianceongovernment,Copyright2000McGraw-HillBookCo.Aust.PPTt/aFinancialAccountingTheorybyDeegan,6.6,Reasonsforinternationalaccountingdifferences,Underlyinglawsandpoliticalsystemstaxsystemslevelofeducationlevelofeconomicdevelopmentnatureofbusinessownershipandfinancingsystemcolonialinheritancetaxationculturehistorylanguagereligion,Copyright2000McGraw-HillBookCo.Aust.PPTt/aFinancialAccountingTheorybyDeegan,6.7,Theeffectofcultureonaccountingsystems,Impactsonlegalsystems,taxsystems,andthewaybusinessesareformedandfinancedetc.previouslyusedtoexplaindifferencesinsocialsystemsanexpressionofnorms,valuesandcustomswhichreflecttypicalbehaviouralcharacteristics,Copyright2000McGraw-HillBookCo.Aust.PPTt/aFinancialAccountingTheorybyDeegan,6.8,Theeffectofculturecontinued,culturereservedforsocietiesasawholeornationssubcultureusedforthelevelofanorganisation,professionorfamilyinternationaldifferencesinaccountingsystemsmaybeexplainedbyaframeworkincorporatingculture,Copyright2000McGraw-HillBookCo.Aust.PPTt/aFinancialAccountingTheorybyDeegan,6.9,Hofstedesculturaldimensions,Fourunderlyingsocietaldimensionsalongwhichcountriescouldbepositioned:IndividualismPowerDistanceUncertaintyAvoidanceMasculinity,Copyright2000McGraw-HillBookCo.Aust.PPTt/aFinancialAccountingTheorybyDeegan,6.10,Individualismversuscollectivism,Addressesdegreeofinterdependenceasocietymaintainsamongindividualsindividualismreferstoapreferenceforalooselyknitsocialframeworkwhereinindividualscareforthemselvesandtheirimmediatefamiliescollectivismstandsforatightlyknitsocialframeworkwhererelatives,clanorotherin-grouplookaftereachother,Copyright2000McGraw-HillBookCo.Aust.PPTt/aFinancialAccountingTheorybyDeegan,6.11,Powerdistance,Powerdistanceistheextenttowhichmembersofasocietyacceptthatpowerininstitutionsandorganisationsisdistributedunequallylargepowerdistancesocietiesacceptahierarchicalorderinwhicheveryonehasaplacesmallpowerdistancesocietiesstriveforpowerequalisation,Copyright2000McGraw-HillBookCo.Aust.PPTt/aFinancialAccountingTheorybyDeegan,6.12,Uncertaintyavoidance,Thedegreetowhichthemembersofasocietyfeeluncomfortablewithuncertaintyandambiguitystronguncertaintyavoidancesocietiesmaintainrigidcodesofbeliefandbehaviourweakuncertaintyavoidancesocietiesmaintainamorerelaxedatmospherewherepracticecountsmorethanprinciples,Copyright2000McGraw-HillBookCo.Aust.PPTt/aFinancialAccountingTheorybyDeegan,6.13,Masculinityversusfemininity,Addressesthewayinwhichasocietyallocatessocialrolesmasculinitystandsforapreferenceforachievement,heroism,assertivenessandmaterialsuccessfemininitystandsforapreferenceforrelationships,modesty,caringfortheweak,andqualityoflife,Copyright2000McGraw-HillBookCo.Aust.PPTt/aFinancialAccountingTheorybyDeegan,6.14,Societaldimensionsandaccountingsubculture,Thevaluesystemsofaccountantsarederivedfromrelatedsocietalvaluesthevaluesoftheaccountingsubculturewillinturnimpactonthedevelopmentoftherespectiveaccountingsystemsatnationallevelcanaccountingsystemsbedevelopedinaone-size-fits-allapproach?,Copyright2000McGraw-HillBookCo.Aust.PPTt/aFinancialAccountingTheorybyDeegan,6.15,Graysaccountingvalues,Graydevelopedfouraccountingvaluesdeemedtorelatetotheaccountingsubculture,withtheintentionoflinkingthemtoHofstedesfoursocietalvaluesprofessionalismversusstatutorycontroluniformityversusflexibilityconservatismversusoptimismsecrecyversustransparency,Copyright2000McGraw-HillBookCo.Aust.PPTt/aFinancialAccountingTheorybyDeegan,6.16,Grayshypotheses,H1:ThehigheracountryranksintermsofIndividualismandtheloweritranksintermsofUncertaintyAvoidanceandPowerDistance,themorelikelyitistorankhighlyintermsofProfessionalismH2:ThehigheracountryranksintermsofUncertaintyAvoidanceandPowerDistanceandtheloweritranksintermsofIndividualism,thenthemorelikelyitistorankhighlyintermsofUniformity,Copyright2000McGraw-HillBookCo.Aust.PPTt/aFinancialAccountingTheorybyDeegan,6.17,Grayshypothesescontinued,H3:ThehigheracountryranksintermsofUncertaintyAvoidanceandtheloweritranksintermsofIndividualismandMasculinity,thenthemorelikelyitistorankhighlyintermsofConservatismH4:ThehigheracountryranksintermsofUncertaintyAvoidanceandPowerDistanceandtheloweritranksintermsofIndividualismandMasculinity,thenthemorelikelyitistorankhighlyintermsofSecrecy,Copyright2000McGraw-HillBookCo.Aust.PPTt/aFinancialAccountingTheorybyDeegan,6.18,Grayshypothesescontinued,Grayfurtherhypothesisedrelationshipsbetweenaccountingvaluesand:theauthorityandenforcementofaccountingsystemsthemeasurementanddisclosurecharacteristicsofaccountingsystems,Copyright2000McGraw-HillBookCo.Aust.PPTt/aFinancialAccountingTheorybyDeegan,6.19,OtherresearchusingHofstedesculturaldimensions,Zarzeski(1996)usedHofstedesdimensionstoexplaingreaterlevelsofdisclosurePerera(1989)usedHofstedesculturaldimensionsandGraysaccountingsubculturalvaluedimensionstoexplaindifferencesintheaccountingpracticesofEuropeanandAnglo-Americancountries,Copyright2000McGraw-HillBookCo.Aust.PPTt/aFinancialAccountingTheorybyDeegan,6.20,OtherresearchusingHofstedesdimensionscont.,BaydounandWillett(1995)investigatedtheuseoftheFrenchUnitedAccountingSysteminLebanon,Copyright2000McGraw-HillBookCo.Aust.PPTt/aFinancialAccountingTheorybyDeegan,6.21,Theeffectofreligiononaccountingsystems,ReligiontranscendsnationalboundariesimpactsonglobalharmonisationofaccountingstandardsHamid,CraigandClarke(1993)examinedhowIslamiccultureshavefailedtoembraceWesternaccountingpracticescompliancewithIslamicbeliefscanaffectthestructureofbusinessandfinancemanyWesternaccountingpracticesareincompatiblewithIslamicprinciples,Copyright2000McGraw-HillBookCo.Aust.PPTt/aFinancialAccountingTheorybyDeegan,6.22,Theeffectofreligiononaccountingsystemscontinued,Religioncanaffecthowpeopledobusinessandhowtheymakedecisions,forexample:IslamprecludesdebtfinancingandprohibitspaymentofinteresttheWesternobjectiveoffinancialreportingofrationaleconomicdecision-making(referCFsdiscussedinChapter5)maynotbearelevantobjectiveinsomesocieties,Copyright2000McGraw-HillBookCo.Aust.PPTt/aFinancialAccountingTheorybyDeegan,6.23,Businessownershipandfinancingsystem,Atacountrylevelthefinancingsystemisrelevanttothepurposeoffinancialreportingthreetypesoffinancingsystems:capitalmarket-based(eg.UKandUS)credit-basedsystem:governmental(eg.FranceandJapan)credit-basedsystem:financialinstitutions(eg.Germany),Copyright2000McGraw-HillBookCo.Aust.PPTt/aFinancialAccountingTheorybyDeegan,6.24,Businessownershipandfinancingsystemcontinued,Systemsrelyinguponequitymarketswillhavegreaterdemandforpublicdisclosurescredit-basedsystemsmoreconcernedwiththeprotectionofcreditorscolonialinheritanceisalsoamajorexplanatoryfactor,Copyright2000McGraw-HillBookCo.Aust.PPTt/aFinancialAccountingTheorybyDeegan,6.25,Impactofinternationalagencies,Examplesofinstitutionsorbodieswhichcanimpactonacountrysaccountingpoliciesare:multinationalcompaniesinternationalaccountingfirmslargemonetaryorganisationseg.WorldBankInternationalAccountingStandardsCommittee,Copyright2000McGraw-HillBookCo.Aust.PPTt/aFinancialAccountingTheorybyDeegan,6.26,InternationalAccountingStandardsCommittee(IASC),Formedin1973membersarealltheaccountingprofessionalbodiesthataremembersoftheInternationalFederationofAccountants143membersin103countrieshasreleasedmorethan30InternationalAccountingStandardsandundertakenworkonaconceptualframeworktodate,Copyright2000McGraw-HillBookCo.Aust.PPTt/aFinancialAccountingTheorybyDeegan,6.27,ObjectivesofIASC,Toformulateandpublishaccountingstandardsandtopromotetheirworldwideacceptancetoworkontheimprovementandharmonisationofregulations,accountingstandardsandprocedures,Copyright2000McGraw-HillBookCo.Aust.PPTt/aFinancialAccountingTheorybyDeegan,6.28,AimsofIASC,Short-termaimfornationalaccountingstandardsandIASstoconvergeLong-termaimofglobaluniformityasinglesetofaccountingstandardsforalllistedandeconomicallysignificantbusinessenterprisesaroundtheworld,Copyright2000McGraw-HillBookCo.Aust.PPTt/aFinancialAccountingTheorybyDeegan,6.29,UsesofIASs,Basisfornationalaccountingrequirementsinternationalbenchmarkforcountriesdevelopingtheirownstandardsusedbystockexchangesandregulatorybodiesusedbysupra-nationalbodiesusedbytheWorldBankGroupusedbyagrowingnumberofindividualcompanies,Copyright2000McGraw-HillBookCo.Aust.PPTt/aFinancialAccountingTheorybyDeegan,6.30,Otherinternationalbodies,UnitedNations;OrganisationforEconomicCooperation(OECD);EuropeanEconomicCommunity(EEC);andEuropeanUnion(EU)haveallcalledformovestowardsuniformaccounting,Copyright2000McGraw-HillBookCo.Aust.PPTt/aFinancialAccountingTheorybyDeegan,6.31,InternationalOrganizationofSecuritiesCommissions(IOSCO),WorkingwithIASCandhasassistedIASstoachievewidespreadacceptancedevelopedaplansuchthatcompliancewithIASswillallowanorganisationtohavesecuritieslistedinallglobalmarkets,Copyright2000McGraw-HillBookCo.Aust.PPTt/aFinancialAccountingTheorybyDeegan,6.32,InternationalFederationofAccountingCommittee(IFAC),Concentratesoninternationalissuesassociatedwiththepracticeofauditingandaccountingeducationalsoissuesassociatedwithethicalconduct,Copyright2000McGraw-HillBookCo.Aust.PPTt/aFinancialAccountingTheorybyDeegan,6.33,Harmonisationofaccounting,Harmonisationreferstoaprocessthatattemptstomakeaccountingstandardsreleasedbydifferentcountriesassimilaraspossibledoesnotimplyabsolutestan