... Hofstede's ratings for UK, USA and Yugoslavia in the different dimensions are as follows: Country Individualism Power Distance Uncertainty Avoidance Masculinity UK 89 35 35 66 USA 91 40 46 62 Yugoslavia(BG) 27 76 88 21 As it can be seen UK and USA are very close by scale, while Bulgaria is very different. Financial Reporting cannot be explained only by cultural differences, but yet they influence a lot the accounting practices. For example UK and USA accounting are very similar, they both belong to the so called by Gray 'Anglo' culture and yet there are some differences influenced by other forces. Yet they are very liberal (low uncertainty avoidance), professionally organized (high individualism), flexible (small power distance) but yet secret to some extend (high masculinity) systems. While the Bulgarian system, especially before it was influenced by the European Union, was just the opposite. There were and still are very strict rules, not much professionalism shown by accountants and auditors, the accountancy was very uniform and very secret. Financial statements were ...

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