In the current stage of social development, all countries can be divided into the two following groups:
- Countries with the legislation of general judicial development;
- Countries with a well-structured legislative framework.
In the first group of countries laws are a set of merciless rules designed according to the principle ‘You are obliged to…!’, i.e., allowed only if expressly permitted in the law.
See also: https://en.wikipedia.org/wiki/Common_law
The responsibility of both physical and legal entities is to literally obey the rules laid down in the legislation which are provided for each even the smallest of the cases.
Accounting standards which are approved at the government level are introduced by the force of law. Any accounting procedures are laid down in … Read more