accounting standards for each country differ due to the unique environments that have developed over time. So then, why is it important to discard these cultural differences $($which are very important to the culture's identity$)$ to develop uniform accounting rules and principles $($i$.$e$.$ IFRS$)?$ That is the question of the day $($rhetorical but you may respond should you wish$)$ with the development of IFRS and convergence of U$.$S$.$ GAAP to IFRS.