Question

what is the implication from the modified gray framework for the use of a common set of financial reporting standards across all countries?

Answer 1

IIFRS are designed to bring consistency to accounting language, practices and statements, and to help businesses and investors make educated financial analyses and decisions. The IFRS Foundation sets the standards to “bring transparency, accountability and efficiency to financial markets around the world…

In the move towards globalization and combination, the impact of culture on bookkeeping has been progressively perceived as a significant and questionable subject. In any case, measured and barely engaged methodologies, for example, Dark's (1988) and different augmentations of Dim's system of bookkeeping esteems have generally overwhelmed and firmly affected culturally diverse bookkeeping exploration and training without a basic assessment of their hypothetical and methodological impediments. In fact, a noteworthy number of studies, educational programs and reading material in worldwide bookkeeping have uncritically embraced Dim's exploratory structure. All things considered, the goal of this paper is to show the impediments of Dark's proposed speculations and the issues related with the system's to a great extent uncritical selection in universal bookkeeping writing. We give proof that Dim's structure picked up power and unmistakable quality in global bookkeeping research generally in view of resulting analysts' unquestioning acknowledgment and utilization of this technique. Critically, we suggest that worldwide bookkeeping examination might be additionally improved by considering logical factors, for example, political, legitimate, social and chronicled conditions of nations. Utilizing Germany as a contextual investigation, we apply this more comprehensive way to deal with give extra bits of knowledge into the variables separating German bookkeeping from other bookkeeping models. We suggest that bookkeeping exploration will be upgraded by a basic assessment of logical situations of nations instead of an emphasis on estimation, measurement, rearrangements and categorisation.