ABSTRACT

This study examines the Accounting models operational in different countries of the world. It employs library research which forms the basis for the Researchers’ conclusion. Accounting is developed and nurtured by its environment. The financial reporting activities of companies in a country for a specific period constitute the accounting system of that country. However, accounting system can be exported from one country to another, just as socio-political ideas are exported among different countries. The study took an overview of the following models: the British-American model, the Inflation-Adjusted Model, the Legal Compliance Model, the Communist Model, the Mixed Economy Model, and the International Accounting Model. The study concludes that despite the differences in these accounting models, they have helped in the uniformity among the various aspect of financial presentation of the countries practising them. However, although environmental factors and other emerging factors affect the universal acceptability of a particular model, for global comparison of financial statements, a unified accounting model- reflected in the International Accounting Model should be adopted globally.

Keywords: British-American Model, Inflation-Adjusted Model, Legal Compliance Model, Communist Model, Mixed Economy Model, International Accounting Model.