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Growing Importance of International Accounting

Growing Importance of International Accounting

1. In today’s society, business and cultural environment are playing a significant change in the life of many people. More and more businesses are beginning to operate both domestically and internationally. The expansion of business has lead the world into a new era filled with creative technology, making life easier. With the effects of international pressures, businesses sometimes need to adapt to or try to influence culture. Culture is what people value and believe. Trying to change a person’s perspective about one’s culture is not easy. Yet, cultural environment is changing slowly, as people are more concern with what is going on economically, politically, financially, and social and legally. Due to these changes, international factors are becoming more important. Along with that comes for accounting change. Many businesses have to conduct a lot of surveys and advertisements to see what consumers are looking for. Global business has created many jobs, competition, technology, and much more. With these differences in mind every business might have its own accounting system. This is because of cultural, economic, political, and legal system differences. Laws that are convenient and easy to understand in the US might have no meaning at all to another country. Usages of vocabulary can have a great effect in business depending on what the word means. Developing countries might have a much simpler accounting system than those of the developed countries. Every country has its own style of living and working conditions. If one accounting system were use to satisfy everyone country it would be confusing and worthless to certain countries because of differences in things like taxes, sizes of business, compensation plan, or rules and laws. Since the world has a different perspective of how the world should be manage decisions are made very differently. So, it is important for businesses to notice of what is going on around the world to stay competitive and survive.

2. Since the economy is constantly changing and effecting people’s life, stock market is getting more and more important. Stock market is becoming more important because many people are relying on it to earn a savings for the future. People are concern with what is going on in the economy for they are afraid of another...

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Category:   Accounting

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