Question

If accounting standards differ by country – and some do – what are your thoughts about how the phrase could still be true?

Answer 1

Answer)

Here, We have to consider that accounting standards differ by country but not all may not be different. There may be similar accounting standards in two countries.This may be explained with the example.In India,Most of the accounting standards are amended recently to make them match with global standards.But still there are some changes with global standards.

The global standards are came into effect to enable the interested people like investors, creditors understand the financial statements better.

Hence,most of countries trying to amend their existing standards to match them with global standards at areas that they feel it is necessary.Although the amendments are only upto heart of the standard say key concepts other parts are not amended if they feel it suits more in the country.Hence, accounting standards differ from country and some still do is true.