Consider the development factors in the following five countries: France, India, Japan, the United States, and the United Kingdom:

Development
Factor

France

India

Japan

United
Kingdom

United States

Main source
of finance

Banks;
government

Government;
Stock market

Banks

Stock market

Stock market

Legal system

Code law

Common law

Code law

Common law

Common law

Taxation (link to
accounting)

Linked

Separate

Linked

Separate

Separate

Political and
economic ties

Europe

U.K., U.S.,
China

U.S., China

U.S., Europe

Canada,
Mexico

Inflation

Low

Low

Low

Low

Low

Level of economic
development

High

Low

High

High

High

Educational level

High

Low

High

High

High

Required: Based on the information provided in this chapter, prepare a profile of accounting in each of the countries.