Why accounting practices differ from one country to another

Countries have their own unique economic conditions, commercial trading systems and procedures, distinct sets of political policies, and legal procedures and systems, hence, a country has its own way of implementation accounting practices and there are no two systems are exactly alike. 

Although the same basic principles are followed, accounting practices differ from one country to another and they are due to the following:

• Political and economic ties with other countries
• Standing of the accounting  profession
• Coverage of a Conceptual Framework 
• Quality of accounting education
• Nature of reporting systems
• Forms of business entities
• Type of capital markets
• Manner of legal system
• Level of enforcement
• Level of inflation and deflation