Readers ask: Does The Culture Of Ethiopia Have Any Influence On How The Financial Statements Were Prepared?

What are the cultural values in Ethiopia?

Generally speaking, Ethiopians are renowned for being welcoming, considerate, cooperative and non-confrontational people. Ethiopians and Eritreans both generally identify as ‘habesha’. This term is used to describe the unique culture and people of the Ethiopian /Eritrean region, regardless of ethnicity.

What is the culture in Ethiopia?

Ethiopia is a multi- cultural and multi-ethnic country. Religion is a major influence in Ethiopian life. Nearly half the population belongs to the Ethiopian Orthodox Church but there is a also large Muslim population. Others adhere to an ancient form of Judaism.

Why is Ethiopia a culturally diverse country justifies by example?

The diversity in Ethiopia is not to be matched by anywhere in the world. What makes Ethiopia unique is the fact that you will find people with a variety of skin color and physic. Each culture has its own definition of beauty, some more or less universal, while others are extraordinary to a stranger.

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How do international financial reporting standard help users prepares and auditors of financial statements respectively?

International Financial Reporting Standards ( IFRS ) set common rules so that financial statements can be consistent, transparent, and comparable around the world. They specify how companies must maintain and report their accounts, defining types of transactions, and other events with financial impact.

Why Ethiopian are so proud?

Ethiopians are proud of their beautiful and varied country because they alone among African nations were never colonized. But Ethiopia also has a heritage of natural disasters, mostly in the form of drought, that has caused it to be the focus of international aid for decades.

What does Ethiopian mean?

1: a native or inhabitant of Ethiopia. 2: a member of any of the mythical or actual peoples usually described by the ancient Greeks as dark-skinned and living far to the south. 3 archaic: a Black person.

What is Ethiopia best known for?

Ethiopia is famous for being the place where the coffee bean originated. It is also known for its gold medalists and its rock-hewn churches. Ethiopia is the top honey and coffee producer in Africa and has the largest livestock population in Africa. Ethiopia has ties with the three main Abrahamic religions.

What was unique about Ethiopia?

It has the largest population of any landlocked country in the world. With mountains over 4,500 meters high, Ethiopia is the roof of Africa. The source of the Nile with its gigantic waterfalls is also located here. Ethiopia also has a special status from a religious perspective.

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What do you eat in Ethiopia?

Below are 10 more essential Ethiopian dishes:

  • Injera (sourdough flatbread)
  • Tibs (sautéed meat chunks)
  • Shiro be Kibbe (legume stew)
  • Berbere (typical spice blend)
  • Kitfo ( Ethiopian beef tartare)
  • Coffee.
  • Tej (an alcoholic honey beverage)
  • Juices.

Is Ethiopia a high context culture?

Leaders in high – context cultures, such as Ethiopia, tend to communicate more implicitly, using more nonverbal communication and expressing more vague verbal messages (at least from the viewpoint of a low – context culture ).

What is Ethiopia a culturally diverse country?

Ethiopia, with its diversity of culture and fast economic growth, is one of the strongly driven countries in Africa. In the past ten years, Ethiopia’s GDP’s growth rate has been an average of 10%. The constitution highlights the importance of the diversity of cultural expressions in Ethiopia since 1994.

Why is Ethiopia said to be a land of diversity?

Ethiopia is one of the world’s rich biodiversity countries and it deserves attention regionally and globally. It has a very diverse set of ecosystems ranging from humid forest and extensive wetlands to the desert of the Afar depression. This is due to the variation in climate, topography and vegetation.

How does IFRS affect financial statements?

Compared to Indian GAAP, revenue under IFRS will be lower, and earnings before interest, tax, depreciation and amortization will also be lower, as the financing component will be recognized as interest income. IFRS will require companies to make significant new disclosures.

Which financial statements are prepared under IFRS?

Financial statements under IFRS

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Normal name Under IAS -1
Balance Sheet Statement of Financial Position (SOFP)
Profit & Loss Account Statement of Comprehensive income (SOCI) Statement of Changes in equity (SOCIE)
Cash flow statement Statement of Cash flows (SOCF)
Notes

What is difference between GAAP and IFRS?

The primary difference between the two systems is that GAAP is rules-based and IFRS is principles-based. This disconnect manifests itself in specific details and interpretations. Basically, IFRS guidelines provide much less overall detail than GAAP.

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