ACCOUNTING DIVERSITY Definition

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ACCOUNTING DIVERSITY is the recognition that many diverse national and international accounting standards exist in the world.

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PUBLIC FUNDS is money funded in government securities or through the levy of taxes from a governmental entity.

OPPORTUNISTIC BEHAVIOUR occurs where one party takes advantage of his superior knowledge, in order to further his/her interests, by failing to disclose such information to the other party. This would occur, for example, if a supplier of widgets had information about a product which was deliberately withheld from the potential buyer, in the knowledge that such information would negatively affect the price of the product or the willingness of the buyer to purchase it.

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