Does every Country have differ Accounting rules!

Discussion in 'Off-Topic Lounge' started by LorichBrain, Feb 22, 2013.

  1. LorichBrain

    LorichBrain

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    I am always confused regarding accounting rules of countries. I found always differ rules and regulations.
     
    LorichBrain, Feb 22, 2013
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  2. LorichBrain

    MichaelM123

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    What do you mean? Different income tax rules or different cost accounting rules, etc. Can you please clarify?
     
    MichaelM123, Mar 11, 2013
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  3. LorichBrain

    bklynboy VIP Member

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    Generally yes and there is no real international standard. IFRS is an attempt to have a common rule but even this when adopted by countries is politized and they change certain aspects to suit their own needs. Overall I think IFRS is mostly comparable across countries and is the best chance at convergence.
     
    bklynboy, Mar 12, 2013
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  4. LorichBrain

    biroly

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    In my opinion,The biggest difference among the countries about accounting rules is about valuing long term fixed assets and recognizing income.I think basics of financial accounting is same in all countries.
     
    biroly, Apr 12, 2013
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  5. LorichBrain

    kaminisingh

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    Yes,Every country have their own rules.
     
    kaminisingh, Sep 6, 2014
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  6. LorichBrain

    Samir VIP Member

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    Answer in one word--YES!

    VAT vs tax, tax assessments, income tax vs none, health care deductions vs provided care, etc., etc., etc.

    There's enough details to worry about in just one country. Comparing countries' various systems will make your head spin...
     
    Samir, Sep 9, 2014
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  7. LorichBrain

    Kinlejus

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    Yes, different country different rules
     
    Kinlejus, Oct 27, 2014
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