However, one can not help but raise the question as to how financial informationcan be clear when languages and meanings differ from one country to another? Due to the varying laws and cultures, different accounting standards have been developed around the world. For instance, while in the US accounting standards are designed to meet the needs of capital markets participants and ensuring that the information provided to the markets is of the quality that can help investors make informed investment decision, while in other countries, accounting standards have been developed to meet the needs of tax authorities and private creditors.