Accounting Systems of Different Banks Illustration

Accounting

Banks in different countries use different accounting principles and practices due to the legal requirements of their home country. These legal requirements are based on cultural attitudes towards business, and the stage of development of their economies resulting in a diversity of accounting standards and regulations, which affects the preparation and presentation of financial statements.…

Peculiar and significant features of accounting system in banks

Accounting

The general structure of the accounting system and financial statements for banks isn’t that much different from a regular business. However, there are significant differences in the sub-classification of accounts. Banks need to deal with various complex issues like Technological disruptions, Cybersecurity threats, Regulatory compliance, Talent management, Geopolitical and economic uncertainties, etc. Therefore, such issues…