In the 21st century many laws and regulations have been standardized but there are still some standards which are specific to each country.
If you work in accounting in the US you will have heard of and understand tax accounting, but your European counterpart will have no idea what it is. Unlike a lot of countries where the generally accepted accounting principles (GAAP) is the only method for calculating tax, accountants in America have two options; tax accounting and GAAP.
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