Abstract
This article discusses the budget system, the areas it covers, the national accounting systems of countries in international practice and their specific features. Also discussed are the Continental European model (development of the accounting system through legislative initiative), the British model (development of accounting through the initiative of consultant accountants) and the United States model (development of accounting through the influence of general accountants and engineers).
Highlights
According to the research of Christopher and Robert Parker (1995), countries are divided into economic categories based on accounting models
According to the results of this analysis, the international models of accounting were in the following order: British Commonwealth Model (Australia, Bahamas, Ireland, Fiji Islands, India, Jamaica, Kenya, Malaysia, Netherlands, New Zealand, Pakistan, Papua New Guinea, Zimbabwe, Singapore, South Africa, Sri Lanka, Trinidad & Tobago, United Kingdom); - Model of the United States
Gureva (2009) favoured the use of classical models in the organization of accounting, and the researcher cited the order of transactions between the state and business entities based on the chart of accounts
Summary
According to the research of Christopher and Robert Parker (1995), countries are divided into economic categories based on accounting models. This model is of a professional nature of accounting regulation in the country and requires the use of accounting standards developed by a professional accounting organization. The legal model provides for the use of rules developed based on international and national legal systems in the process of regulating accounting standards.
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callMore From: The American Journal of Management and Economics Innovations
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
