There is no doubt that Accounting is the most cross border of all professions. Firstly it has the distinct advantage of being numbers based, some would say factual. It is this foundation that curtails the issues of interpretation in a way that the legal profession simply can’t match. The drive towards convergence in accounting standards is also more complete now than ever before. US quoted companies must comply with US Gaap and Sarbanes Oxley. EU quoted companies comply with IFRS. Neither set of rules is far apart and there is a goal of convergence on both sides of the Atlantic. These two great trading blocks, controlling vast amounts of the world’s financial capital, have dictated accounting methods which most of the world seems intent on following.
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