"The United States of America (USA) shows a repeated pattern of accounting development where detailed and stringent regulations are developed after major accounting scandals and corporate collapses".You are required to evaluate this statement using relevant examples and evidence.

b)From the international accounting perspective, it is important to understand the unique features of the "Keiretsu" grouping in Japan.You are required to explain the importance of "Keiretsu" groupings in understanding financial reporting in Japan.