Abstract
Undoubtedly, the Anglo-Saxon form of accounting can be distinguished from other accounting practices across regions such as continental Europe, Asia, Latin American, and many other parts of the world. This form of accounting pattern is particularly practiced in the United States and the United Kingdom. However, a few countries such as Australia, Canada, Hong Kong, India, Ireland, Kenya, Malaysia, New Zealand, Nigeria, Singapore, and South Africa, also practice the Anglo-Saxon accounting pattern. The common ground among all these countries is that they have been impacted by a colonial influence and hence, the adoption of the Anglo-Saxon accounting pattern. Anglo-Saxon accounting tends to be relatively optimistic and transparent compared to the patterns followed in Germany, Latin countries, and Japan. In many ways, Accounting in the United Kingdom is very similar to the accounting in the United States. This is an indisputable factor considering the significance or the historical and investment connections between the two countries. History has proved that the language and legal system were exported from the United Kingdom to the United States. In a similar manner, the founding fathers of U.S accounting principles, including pioneers such as Arthur Young (a Glasgow University graduate of the 1880s) have been cascaded between these two countries. In other words, the United States has adapted rather than adopted the United Kingdom's accounting tradition. Indeed, the most recent historical and environmental circumstances of the United States have given rise to some significant distinguishing features. These features are being inter-related with the policies of the country's counterpart (United Kingdom). It has been observed that the securities market is occupying a dominant role in the accounting regulation system of the United States.
