1. Using Hofstedes (1980) societal value dimensions, explain how cultural influenced the accountants accounting values. What are the cultural dimensions and indexes to determine a country that exhibit secrecy hypothesis and conservatism hypothesis? Discuss in detail each hypothesis using the country you identified. (C7)

Current national accounting requirements often differ, with the result that like transactions and events are reported differently in different countries. Such differences can have a significant impact on both the balance sheet and the income statement. These differences make it difficult to distinguish changes in the performance from the effects arising from the use of different accounting requirements. Many stakeholders, such as accounting professionals and business organizations advocated for a single set accounting standards. Critically examine the efforts of the International Accounting Standards Board (IASB) to harmonize the accounting standards. (C2)