Comparative International Accounting Essay Example | Topics and Well Written Essays - 3000 words

relative International Accounting - Essay Examplental bodies to determine what taxes a business must pay and now and again by customers to determine the price to be paid when contracts call for cost-based payments. (Encyclopedia Britannica, 2007)The aim of this paper is to critically liken and contrast the write up methods, structure and regulation in Canada with the UK including a critical and detail analysis of two current issues and academic literature surveyed relevant to the country. To begin we will talk briefly about the phylogeny of Accounting in both countries.According to Baylin et al (1996), Accounting standard setting in Canada has undergone a number of significant structural adjustments since the late 19th century. pursuance Canadas emergence from its colonial military position and due to the establishment of new trading partners, there was a change in the demand for accounting and the accounting standard setting process in Canada (Baylin et al, 1996).There have also been changes in the line of authority for standard setting, the range of interests were formally included in the standard setting process and changes in relative influence of technical versus political concerns. Canada continues to have one of the few private standard-setting processes in the world. (Baylin et al, 1996).No central source of accounting standards existed in Canada before 18646. Accounting standards were governed by common law. For example, the Dominium Insolvent strike was introduced in 1864 and was the first legislation to recognise the need for the regulation of accounting and the quality of financial information. (Baylin et al, 1996).Following this act, Canada witnessed the first real appearance of public accountants to act as Official Assignees for the handling of the affairs of estates, which were bankrupt. alien influences, government, and the internal needs of the early accounting firms drove the accounting profession, which was still at its infancy. (B aylin et al, 1996). As a result, the legal