QUESTION 3 'In an international context, it is important to understand why country-to-country differences in accounting persist, and whether they merely reflect divergence of opinion on an aspect of accounting policy over which there is a choice or whether they reveal deeper structural differences attributable to the legal and social system and to the financial environment in a given country.' (Nobes and Parker, 2012, p526) Required: a Explain why there may be differences in financial reporting behaviour between internationally listed multinationals and domestic-only listed MNEs. (8 marks) b. Discuss the impact of different tax and financial systems on accounting. (12 marks) (Total: 20 marks)