Reference no: EM132783959

Problem 1: Any effort towards standardising accounting practices on an international basis implies a belief that a globalised 'one size fits all' approach is appropriate. Is this naïve?

Problem 2: Continental European countries historically relied upon capital provided by the state, banks or families whereas other countries, such as the United States, the United Kingdom, Canada and Australia have relied on receiving funding from a large number of external investors. How would this difference in funding sources impact the type of reporting undertaken and the expertise of the local accounting profession?