I want solution part II and part III

The Impact of Culture on Conservatism created by professor Sidney Gray in 1988 to explain the development accounting system is presented in the chapter in Exhibit 2.6. Gray theorized that culture has an impact on a country's accounting system through its influence on account. ing on that part of a countrys accounting system comprised of financial rerrting rules and practices, the model can be visualized as follows: Financial reporting Accounting values rules and practices a' dimensions In short, cultural values shared by members of a society influence the accounting value shared by members of the accounting subculture. The shared values Of the accounting subculture in turn affect the financial reporting rules and practices found within a country. With respect to the accounting value of conservatism, Gray hypothesized that the higher a country ranks on the cultural dimensions of uncertainty avoidance and long-term orieMation. and the lower it ranks in terms of individualism and masculinity, then the more likely it is to rank highly in terms of conservatism. Conservatism is a preference for a cautious to measurement. Conservatism is manifested in a country's accounting system thmugh a tendency to defer recognition of assets and items that increase net income and a to accelerate the recognition of liabilities and items that decrease net income. One example of cvjnservatism in practice would be a rule that requires an unrealized contingent liability to recognized when it is probable that an outflow of future resources will arise but that dos allow the recognition of an unrealized contingent asset under any circumstances. Required: Discuss the implications for the global convergence of financial reporting raised