Critically compare and contrast the accounting methods, structure and Essay

Critically comp ar and contrast the explanation methods, structure and regulation of Greece with the UK. Include a detailed and critical analysis of both current - judge ExampleEffective control systems ar usually situation specific and tailored to the management of each organisation. The exercise of managerial choice and the interdependence of accounting systems and the environment are acknowledged. (Rayburn and Rayburn (1991, p. 57)U.K. follows common justice whereas Greece follows codified law falling under British Commonwealth and continental Europe respectively. Greek law is based on codified Roman law with the judiciary divided into civil, criminal, and administrative courts. Judicial independence is guaranteed under the constitution (Greece Profile)Many countries accounting practices are influenced by their respective income taxation rules ignoring any other broader objectives. (Nobes 1983, Purcel & Scott 1986) In the case of Government bureauracrats setting the accountin g standards, they are unequivocal in fixed formats. .Bureaucracies are more likely to want certainty to make assessment of taxes, adherence to regulatory rules, etc., easier to specify and enforce (Robinson, Chris, Venieris, george 1996)Greek accounting is guided by its incorporated Law 2190/1920, accounting standards stipulated by the Ministry of National Economy, the interpretations issued by the National Accounting Standards tabular array (ESYL) and the Greek General Chart of Accounts approved by Presidential ordinance 1123/80. In UK, the Companies Act 1985 as amended for EU Directives.lays down the stipulation for accounting methods. As per the Act, there should be disclosures that accounts are as per the standards of the Accounting Standards Board and urgent issues task force. Cash flow reporting in GreeceCash flow reporting as per IAS 7 became mandatory in 2002 for Greek listed companies which should put in the Cash Flow Statement (CFS) to HCMC though not required to be pu blished as in the case of balance sheet and income statement. A new study found that while non-listed firms do not voluntarily report CFS, the listed firms also do not comply with the mandatory requirement and make the CFS publically available. The results indicate that Greek companies have cash flow problems but not profitability problems. The publication of a CFS may reveal that many listedcompanies in Greece are not as robust as the balance sheet and the income statementpotentially indicates. Thus, the main conclusion of the paper is that publication of theCFS in Greece should become mandatory. The HCMC has make significant attempts to enforce corporate governance principles for listed companies in Greece. Theseprinciples implicitly highlight the desire of the regulatory authorities that investorsreceive adequate and germane(predicate) information. Could it be, however, that investors getrelevant information when they do not have the essential inputs required to value acompany (Kousenidis V, Negakis L, Floropoulos)This practice of providing information on sources and application of funds was