1. In what ways do financial standards differ from one country to another? 2. What has...

1. In what ways do financial standards differ from one country to another?

2. What has been the impact of the key provisions in the Sarbanes-Oxley Act on the way in which financial reports are currently done?

Expert Solution

Answer

1.

There are many ways that financial standards differ from one country to another which are as follows:

1. Accounting standard are different from one country to another.

2. Due to different religion , culture and legal condition. Each market will follow that accounting procedure on the basis of country requirement.

3. Each country will approach financing and economics based off historical events within the country.

The accounting/ financial standard are issued by various authorities around the world. Like there are different standard in India, UK, Bangladesh etc. The difference may be because of the practises in place or social, economic-political environment.

Certain differences like seperate method of amortisation on integible assets, method of chanrging Depreciation, Condition of imapirment of assets, valuation of investment, recording of financial instruments etc.

2.

1) Impact of Sarbanes-Oxley Act on financial report --

It has made management personally liable fot the accuracy of financial statements.
It has made mandatory for certain company to formulate the Audit Comittee.
Sarbanes-Oxley Act has significantly increased the disclosure requirement for public companies. It has made the financial statement more transparent.

ekkarill92 answered 1 year ago

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