6 Country Accounting System

In: Business and Management

Submitted By Kevin7117
Words 3174
Pages 13
| US | JAPAN | CHINA | GERMANY | NETHERLAND | FRANCE | PROFESSIONALISM | Regulation environment:1. accounting is regulated by private-sector body(FASB), but government underpins the authority of its standards. 2. no legal requirement for the publication of FS3. each state has its own corporate statutes and not rigorously enforced. Reports rendered to local agencies are often unavailable to the public4. only listed companies have compulsory requrirements for FR at the federal level as specified by the SEC. | | | | Regulation environment:1. Dutch accounting presents several interesting paradoxes. The Dutch have relatively permissive statutory accounting and financial reporting requirements but very high professional practice stds. The Netherlands is a code law country, yet accounting is oriented toward fair presentation.2. Accounting and tax separate3. Dutch Civil Code includes 1970 Act of Annual Accounts. True and fair view required. | | STATUTORY CONTROL | | Regulatory environment:1. traditional society with strong cultural and religious roots.2. interdependence in personal and corporate relationships. (Low individualism)3. companies hold equity interest in each other, and often jointly own other firms. Eg. Keiretsu.4. Banks are often part of these industrial groups, there is a high degree of debt finance. Therefore, corporate managers must primary answer to banks and other financial institutions rather than shareholders.5. a strong bureaucratic control over business affairs and accounting. 6. Business culture a mixture of domestic and foreign.( German and US influential) | Regulation environment:1.china installed a highly centralized planned economy, reflecting Marxist principles and patterned after the system in the Soviet Union2.the state controlled the ownership, the right to use and the distribution of all means of production, and enacted rigid planning…...

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