Continental European countries historically relied upon capital provided by the state, banks or families whereas other countries, such as the United States, the United Kingdom, Canada, and Australia...

Continental European countries historically relied upon capital provided by the state, banks or families whereas other countries, such as the United States, the United Kingdom, Canada, and Australia have relied on receiving funding from a large number of external investors. How would this difference in funding sources impact the type of reporting undertaken and the expertise of the local accounting profession?