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p> Both developed countries and developing countries are subject to topic of international accounting standards. While there may be a debate whether or not developing countries have any relevance to IFRS, they are at the same time afforded the recognition of participating in the opportunities offered by globalization. 'While emerging economies typically enjoy greater wealth than developing countries, and therefore do not face the same financial constraints, they nevertheless face many similar challenges in adopting IFRS in terms of changing culture and developing systems regulation and accountability (Irvine and Lucas 2006).' One of the main concerns for developing countries regarding IFRS is the fact that theses countries face obstacles in reaching their full potential and run the risk of financial crisis. Most IFRS are not suited for small to medium sized entities, meaning they cannot reap the full benefit of these global standards.

I believe that businesses practices are heavily influenced by the cultures and people that surround them. In order for an organization to be successful they need to understand how their employees, suppliers, and customers behave. The way people approach business in Asia is different from how people approach business in the United States, as well as the business etiquette that is expected of them. For example, in Japan where building relationships is very important the simple act of exchanging business cards is extremely important in achieving a good first impression.

Culture affects how a company markets their products or services in certain countries, such as: what to write on the label, the color of the label, the taste of the product if it an edible product, and even the amount of product that is packaged. Culture also affects how the employees are managed in that country: how long breaks and holidays should last, which management style would work best (a work environment with a lot of rules or one where creativity is encouraged), or the kind of structure management should have. In other words culture already affects other areas in business, so of course it should also affect the accounting standards companies/countries use. I believe an organization must decide upon a common business practice and adhere to them throughout all of their global operations. While this may be difficult, I believe it will make it easier for them to conduct business when it comes to stating company affairs to the public and creating new goals for the future.

Differing accounting practices and standards for different countries are acceptable right now, however they have their own disadvantages and as most national financial regulatory and standards setting bodies agree, there are numerous benefits to implementing international standards. In a policy statement, the Securities Exchange Commission stated that, 'all securities regulators should work together diligently to create sound international regulatory frameworks that will enhance the vitality of capital markets (Sawani).' There really is no clear cut solution on how to solve the problem of accounting standards with the threat of legal and political issues getting in the way.

Late last year, the IASB provoked international uproar by succumbing to the European Union's pressure to change the rules regarding the reclassification of assets for ba本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。