Various attempts have been made to reduce the accounting diversity that exists internationally. This process is known as convergence. The ultimate form of convergence would be a world in which all countries followed a similar set of financial reporting rules and practices. Required: Consider each of the following factors that contribute to existing accounting diversity as described in this chapter: Legalsystem Taxation Providersoffinancing Inflation Politicalandeconomicties Culture Which factor do you believe represents the greatest impediment to the inter- national convergence of accounting? Which factor do you believe creates the smallest impediment to convergence? Explain your reasoning.