Asked by Christopher Flores on Jul 22, 2024
Verified
State the two major types of legal systems used around the world and briefly describe their differences.
Legal Systems
The comprehensive framework of laws and regulations established within a country to govern its society and economy.
Different Types
Refers to various categories or classifications within a topic or field, recognizing diversity and variety.
Financial Reporting
The act of formulating disclosures that expose the fiscal health of an organization to those in management, investors, and regulatory authorities.
- Gain insight into the challenges and obstacles presented by the variance in accounting practices worldwide.
Verified Answer
KH
Kendall HornungJul 26, 2024
Final Answer :
The two major types of legal systems used around the world are common law and code law. Common law is primarily used in the English-speaking countries of the world and relies on a limited amount of statute law interpreted by the courts. Code law is followed in most non-English-speaking countries, originated in the Roman jus civile, and tends to rely more on statute or codified law.
Learning Objectives
- Gain insight into the challenges and obstacles presented by the variance in accounting practices worldwide.