The business in current era is not confined to one territory. Business opportunities are active and available across the world. While in every country the companies use accounting rules from local, neighbor country or international accounting and financial reporting standards. This leads to varying accounting practices and financial reporting. The diversity of accounting is contributed by various factors like legal system, political system, phase of countrys economic development, education etc. Accounting Diversity is the differences in bookkeeping to read and use of financial information. While accounting challenges can be found worldwide, the accounting framework can help to create a global accounting language (narrative theory of accounting). Based on what is discussed above, please answer the question:

Discuss in detail with (example )and illustration the Third Level of accounting Framework. please include the used references.