Accounting is affected by its environment, including the culture of the country in which it operate Hofstede (1980) developed a model of culture as the collective programming of the mind th distinguishes the members of one cultural group from another. Hofstede argued that similar computer operating system containing a set of rules that acts as a reference point and a set constraints to higher-level programs, culture includes a set of societal values that shape/gui 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