Domestic accounting standards developed to meet the needs of domestic environments. Which of these factors did not influence accounting standards locally? 1. A litigious environment in the United States that led to a demand for more detailed standards in many cases. 2. High rates of inflation in some countries that resulted in periodic revaluation of fixed assets and other price-level adjustments or disclosures. 3. Income tax conformity in certain countries that no doubt greatly influenced domestic financial reporting. 4. Reliance on open markets as the principal means of intermediating capital flows that increased the demand for information to be included in financial reports in the United States. 5. The need to have standards different from the U.S. standards.
Domestic accounting standards developed to meet the needs of domestic environments.
Which of these factors did not influence accounting standards locally?
1. A litigious environment in the United States that led to a demand for more detailed standards in many cases.
2. High rates of inflation in some countries that resulted in periodic revaluation of fixed assets and other price-level adjustments or disclosures.
3. Income tax conformity in certain countries that no doubt greatly influenced domestic financial reporting.
4. Reliance on open markets as the principal means of intermediating capital flows that increased the demand for information to be included in financial reports in the United States.
5. The need to have standards different from the U.S. standards.
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