infhuenced by wherber or not there is a sifrong equity market. Exnrroles for the former would be developiag countries whete Malnysin is a good ase in point. As for the latter, the exemples would be the western developed eountries. And yet there are efforts taking place over seversl decades now for accounting harmonization seross countries disregarding the fact that accounaing is supposed to be aroind to meet the needs of the society and that there is in the world more than one kind of sociery around. Such harmonization has bowever failed to make the conduct of financial stasencent aralysis at the international level to be a smood saling exereise for the conceracd partics. REQUIRED: (a) For a develojenen country there is probubly the situation of misfie between the accounting system and the societal needs due to the fict that the accounting bystem tries to copy the kind found in developed country thar was fireviousty its colonial master, Hence, you strangly. think thas the conceraed partics in such conntry should mske the necessry changs. In the case of Malayxia or another simitir develioping conntry of your chusice, whici country whose abpects of its accounting could be emelsted to emprove its yecounting system? And sueh inprovement necils to take place as s result of the nissit or due to some other reasons. Your answer sbould include disctossing ressuns as to who that particular coantry's accounting is: chosen to be the model to follow and the differen antas of that country's accouating that yos: believe to be worth enulaling. 25 marhsy (b) You are not exactly lofally opposed to accoaning harmonization for you belicue there aft some situations demandine such harrmonzation. Decter the pros and cons oret the Wea of harmonization in sccount int across coundries Abs, explin what you belicve should be the right outext in which sach harmotization is acoessary. That o, should harmonoration be for all companies from all countriet and for both seis of indridual and conesalated fuancial type of tinancial stainments or wlun? (25 marky)