More examples. 1  She rubbed sun lotion over her entire body. 2  With the back of his hand, he rubbed the stubble on his chin. 3  He rubbed his hand despairingly over his face.  The strap had rubbed against his skin and caused 1  irritation. The shoe had rubbed a raw place on her heel.
We argue that cross-country differences in accounting quality are likely to remain following IFRS adoption because accounting quality is a function of the firm's overall institutional setting, including the legal and political system of the country in which the firm resides.
3 Essential Characteristics of Accounting. 1  Itâs an information system which means it involves a process or procedure. 2  It has an economic value which means it is stated in terms of money or currency.  It communicates financial information of a business to stakeholders or interested parties.