Analyze the five national accounting practice systems summarized in this chapter.

Required:

a. For each of the five countries discussed in this chapter, select the most important financial accounting practice or principle at variance with international norms.

b. For each selection you make, state briefly your reasons for its inclusion on your list.

c. How does this variance affect reported earnings and the debt to asset ratio?

d. How likely is it that an analyst could adjust for this variance to achieve an apples to apples comparison with companies from other countries?