Countries that have gone furthest in tackling fraud have strong financial and medical accountability systems, i.e. proper accounting and reporting underpinned by solid audit regimes.

Owing to differences in accounting system among different countries, there are imperfections in the relativevalue approach in the assessment of crossborder mergers and acquisitions.

The positive accounting research in America is based on the highly developed stock market, and the fact that the strategy-oriented accounting norm system is relatively perfect.