Legal origin
The United Kingdom uses this type of legal system.
What is common law?
this is what GAAP stands for
What is Generally Accepted Accounting Principles?
This is when national GAAP accounting differs from IAS.
What is divergence?
Cautious vs. risk taking
What is conservatism?
Measuring assets based on current market prices
What is fair value?
This was proven to be a better explanation for divergences than legal origin.
What is culture
GAAP ___ (is/is not) globally accepted.
What is is not?
This is when national GAAP does not cover an issue.
What is absence?
These are Hofstedes values relating to accounting.
What is Gray’s?
In common law countries, accounting is driven by them.
Who are investors?
Portugal uses this type of legal system.
What is code law?
This form of accounting is principle based.
What is IAS/IFRS?
This is when national GAAP accounting topics matches IAS.
What is convergence?
Conservatism, autonomy, hierarchy, mastery, egalitarian commitment, harmony, are this man’s values
Who is schwartz?
Resistance to full disclosure and transparency
What is high secrecy?
This type of test was used to compare code and common law countries
What is regression analysis?
IASB stands for
what is international accounting standards board?
They found this to be the most significant impact
What is divergence?
These are two of Hofstede’s cultural dimensions.
What is power distance, individualism, masculinity, uncertainty avoidcance?
companies who prefer consistent accounting practices across all companies partake in this
What is uniformity?
the two hypotheses posed were ____. (Supported or not supported)
What is not supported?
This type of accounting was made to suit local needs?
What is national GAAP?
This is not one of the two main differences between GAAP and IAS.
What is convergence?
The two levels of autonomy
What is intellectual and affective?
A culture with high ___ might require a 90% CERTAINTY to label something as “probable“
What is uncertainty avoidance?