Using the Chapter Six text reference, and the Gray’s Accounting Values Extract

Using the Chapter Six text reference, and the Gray’s Accounting Values Extract
In a summary table compare and contrast the key, PRE-IFRS development factors, cultural dimensions and accounting values of Japan and China as would be predicted under the Hofstede and Gray classification models – remember DO NOT use the Hofstede site/scores;
Japan China
Development Factors
Sources of Finance
Legal System
Taxation
Political and Economic Ties
Inflation
Economic development

Education
Hofstede Cultural Dimensions
Power Distance
Individualism
Masculinity
Uncertainty Avoidance
Long-term orientation
Gray’s Accounting Values
Professionalism vs Statutory control
Uniformity vs Flexibility
Conservatism vs Optimism
Secrecy vs Transparency
Question 2:
a) Using the Readings/References supplied, including Chapter six, JapanIFRS_Update and ChinaIFRS_Updatewithin a TABLE format, identify the CURRENT, POST-IFRS, key accounting professional characteristics and accounting policies, principles and practices of Japan and China;
Japan
Accounting Profession
Accounting regulation
Accounting principles and practices

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China
Accounting Profession

Accounting regulation
•
Accounting principles and practices

b) In your own words discuss whether you believe these current policies, principles and practices of each of these two countries are CONSISTENT with your original predictions in relation to the accounting values of each country. Provide an explanation for any similarities or differences.