Development and Classification

Development and Classification - International Accounting,...

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Choi/Meek, 6/e 1 International Accounting, 6/e Frederick D.S. Choi Gary K. Meek Chapter 2: Development and Classification
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Choi/Meek, 6/e 2 Learning Objectives Identify and understand the importance of the eight factors that have a significant influence on accounting development. Understand the four approaches to accounting development found in market-oriented Western economies and identify countries in which each approach is prevalent. Have a basic working knowledge of accounting classifications and how they compare with one another. Explain the difference between the “fair presentation” and “legal compliance” orientations of accounting and identify nations in which each is prevalent. Explain why distinctions of accounting at the national level are becoming blurred.
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Choi/Meek, 6/e 3 Why Study Development and Classification? Development Helps understand a nation’s accounting. Explains the differences and similarities in accounting around the world. Classification Helps understand why and how national accounting systems differ. Helps analyze whether these systems are converging or diverging. Are a way of viewing the world. Reveals what group members have in common, and What distinguishes groups from each other
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Choi/Meek, 6/e 4 Development Sources of finance – who, how many, how close? Equity markets Profits measure how well managers have run the company. Accounting is used to assess cash flows, risks, and to value
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Development and Classification - International Accounting,...

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