Essay The following answers point out the key phrases that should appear in students’ answers. They are not intended to be examples of complete student responses. It might be helpful to provide...

Essay

The following answers point out the key phrases that should appear in students’ answers. They are not intended to be examples of complete student responses. It might be helpful to provide detailed instructions to students on how brief or in-depth you want their answers to be.

38. Describe at least five reasons why accounting practices differ across countries. Which reason do you think is most important? Explain why.

39. What is the main objective of the International Accounting Standards Board (the IASB)?