The accounting standards in code law countries tend to be:

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Code law countries rely on civil law systems, where the legal code provides guidance on accounting practices. As a result, the accounting standards are stated generally without much guidance on specific procedures. This is in contrast to common law countries, where organizations such as the FASB are responsible for setting detailed accounting standards. The conservatism of accounting standards is not necessarily related to whether a country follows code law or common law.

The Accounting Standards in Code Law Countries Tend to Be