Explain the Two Primary Legal Systems Used Around the World

question 38

Essay

Explain the two primary legal systems used around the world and what these differences have to do with accounting standards.

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Definitions:

Equitable Policy

A policy that aims to ensure fairness and justice within the procedures, processes, and distribution of resources by an organization or government.

Moral-Rights View

Considers ethical behaviour as that which respects and protects the fundamental rights of people.

Organisational Protection

Measures and strategies implemented to safeguard an organization's assets, reputation, and well-being from potential threats.

Freedom Of Conscience

The right to follow one's own beliefs in matters of religion and morality without coercion or reprisal.