1.
Accounting is affected by its environment, including the culture of the country in which it operates. Hofstede (1980) developed a model of culture as the collective programming of the mind that distinguishes the members of one cultural group from another. Hofstede argued that similar to computer Operating System
containing a set of rules that acts as a reference point and a set of constraints to higher-level programs, culture includes a set of societal values that shape/guide institutional form and practice.
As Gray (1988, p. 5) notes: societal values are determined by ecological influences and modified by external factors . . . In turn, societal values have institutional consequences in the form of the legal system, political system, nature of capital markets, patterns of corporate ownership and so on.
Culture in any country contains the most basic values that an individual may hold. It affects the way that individuals would like their society to be structured and how they interact with its substructure. Accounting may be seen as one of those substructures. As Gray (1988, p. 5)
Explains:
the value systems or attitudes of accountants may be expected to be related to and derived from societal values with special reference to work related values. Accounting ‘values’ will in turn impact on accounting systems.
Required
Discuss the impact that you think cultural differences between countries might have on the development of financial accounting and reporting. In light of those impacts, is it reasonable to expect International Accounting Standards should be implemented by all countries?
Why might it be practical for a developing country to adopt international accounting standards?
2.
In this unit, you have considered a number of ‘accounting theories.’
Select three of these theories and discuss whether they are complementary or offer quite different interpretations of how ‘reality is perceived’. Do you think by adopting a mix of theories we can attain a more informed view of the reasons for management’s behaviour in terms of reporting?
3.
Below is a summary of the executive remuneration framework of Woolworth Group in the financial year of 2019.
Required
Using agency theory, discuss the compensation structure used by Woolworths. Please also address why managers are rewarded in a way that is tied to the profits of the firm and what are the possible outcomes.
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