with tax accounting and conservatism, and focuses on creditors and the balance sheet. A significant amount of capital is provided by a system of 'universal banks', in Germany, that supply debt and equity capital (Black & White, 2003).
             In general, organizations listed on national stock exchanges, in these three countries, must follow financial accounting and reporting rules. These rules have been developed, according to the International Chamber of Commerce, to provide investors with a true and fair view of the financial positioning of these organizations. These rules are meant to increase transparency, but, as
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