Following on from the literature review, the present study drew on the works of Hofstede (1980, 2001, 2005) and Gray (1988) in order to answer RQ2 .
Specifically,Gray’s study was used to identify the link between differences in accounting standards described above and culture using the following “accounting values”:professionalism
versus statutory control;uniformity versus flexibility;conservatism versus optimism;
and secrecy versus transparency.