Question

Look for at least four definitions of accounting (from four different countries), scoring source, country, original language, and the date of publication. Keep in mind, and try to explain their differences.

Answer 1

Accounting is largely the same worldwide, in terms that is a process of recording, classifying, organising, presenting and preserving the financial transactions of a enterprise.

It doesn't cover non monetary transaction.

The difference in accounting is the bodies governing it in different countries:

1. Australian accounting standards board in Australia which is a government body concerned with formulation of accounting standards for financial reporting.

2. International Accounting standards Board which created IFRS for European countries and other nations also follow them.

3. Financial Accounting Standards Boards governs US GAAP which is widely accepted in USA as well as other countries.

4. Indian Accounting Standards Board: which governed the formulation of accounting standards in India.

But as of now more and more global companies are following g the converged IFRs and US GAAP.