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.
Accounting and its Role in Society. Accounting can be described as a quantitative method used to assess the financial position of an individual and/or business at a given point in time. On the basis of this definition, we can deduce that accounting is considerably important not only in businesses but also in the lives of individuals.