7. EXPLAIN THE POSSIBLE FACTORS THAT INFLUENCING ACCOUNTING REGULATION AND PRACTICE GLOBALLY.

Factors that influencing accounting regulations. Such factors can include, social and cultural values; political and legal systems; business activities and economic conditions; standard setting processes; capital markets and forms of ownership; and finally cooperative efforts by nations. These factors if properly understood can mitigate or even eliminate the challenges to international accounting standards.

- economic globalization - the development of information technology - the growth of new financial instruments - various lobby groups such as business groups and the stock exchange. - the levels of institutional and foreign ownership - the central banks regulatory control