1. Allocating resources in most efficient manner maximizes wealth of any nation. It is generally acknowledge that financial data plays an important role in efficient resource data
Question:
Given that both of the preceding statements are correct, why are the financial reporting rules in some countries designed to be very helpful to external investors (e.g., United States and Canada) whereas in other countries (e.g. Japan and Germany), they are less helpful?

2. Some analysts contend that a single, standardized set of uniform financial reporting rules that would be required for all companies in all countries would improve interfirm comparisons and enhance financial analysis.
Question:
Do you agree that uniform reporting across many countries will always enhance the comparability of financial data and analyses? Why or why not?