(a)Describe the historical factors which gave rise to very different systems of accounting in Anglo countries (UK, Ireland, US, Canada etc.) and major countries on mainland Europe (France, Germany etc.). Explain how pressures arose for the harmonisation of these different systems and outline the key steps taken towards harmonisation of accounting in Europe.(20 marks)

(b)International Financial Reporting Standards have been critisized for being too long complex and detailed for the vast number of small and medium sized companies. Explain how the Finanical Reporting Council has addressed this problem for companies in the UK and Ireland