The dichotomy between the Anglo-Saxon approach and the Franco-German model in Fig. 2 was reformulated in broader terms as a dichotomy between Class A (strong equity, commercially driven) accounting versus Class B (weak equity, government-driven, tax
dominated) accounting in subsequent classifications by Nobes (1998, 2008). Accordingly, the validity of the two-group hypothetical classification in Africa, shown in Fig. 2, is tested in this paper using a similar approach to that used in Nobes (2008) classification,