Classification Results holdout accuracy rates Omnibus Test of Model Coefficients chi-square 7.098 0.791 Classification Results holdout accuracy rates Classification Results holdout accuracy rates

2452 Panel C. Income After Tax 1. Logit Model Results Beta p-value H1: Non-executive Directors -1.692 0.063 H2: Chairman Duality DUAL -0.623 0.149 H3 Remuneration REM 0.035 0.873 H4: Institutional Investors INST -0.015 0.238 H5: Ownership Control OWN -0.009 0.321 H6: Chinese Controlled 0.010 0.988 H7: Auditor AUD -0.718 0.058 IndustrialCommercial IND 0.140 0.747 HotelProperties PROP -0.239 0.573 Company‘s Size SIZE 0.311 0.364 Profitability PROFIT -0.545 0.153 2. Omnibus Test of Model Coefficients chi-square 16.725 0.058

3. Classification Results holdout accuracy rates

Predicted Actual Status Smoother Non-smoother Total Smoother 81 14 95 Non-smoother 45 21 66 Total sample 126 35 161 Overall accuracy rates 63.4

D. Profit Attributable to Shareholders 1. Logit Model Results

Beta p-value H1: Non-executive Directors -1.530 0.090 H2: Chairman Duality DUAL -0.132 0.771 H3 Remuneration REM 0.220 0.331 H4 Institutional Investors INST -0.004 0.771 H5 Ownership Control OWN -0.018 0.060 2453 H6: Chinese Controlled -1.016 0.083 H7: Auditor AUD -1.403 0.003 IndustrialCommercial IND 0.234 0.602 HotelProperties PROP -0.018 0.968 Company ‘s Size SIZE 0.240 0.498 Profitability PROFIT -0.634 0.129

2. Omnibus Test of Model Coefficients chi-square 25.445 0.008

3. Classification Results holdout accuracy rates

Predicted Actual Status Smoother Non-smoother Total Smoother 80 16 96 Non-smoother 41 24 65 Total sample 121 40 161 Overall accuracy rates 64.6 Significant at the 0.01 level 1- tailed test Significant at the 0.01 level 2- tailed test Significant at the 0.05 level 1- tailed test Significant at the 0.05 level 2- tailed test Significant at the 0.10 level 1- tailed test Significant at the 0.10 level 2- tailed test 2454 DIFFERENCES AND THE FACTORS OF CONVERGENCE OF MANAGEMENT ACCOUNTING SYSTEMS IN DEVELOPED AND LESS DEVELOPED COUNTRIES Gohar Saleem Parvaiz, M.A Strategic Financial Management, MBA Finance Owais Mufti, Qurtaba University of Science and Information Technology Peshawar Abstract: The article focuses on two areas. First part examines the m ajor differences amongst the systems in developed and less developed countries and the rational behind it i.e. inadequate financial resources, weak business structure, poverty, political influence, weak state institutions, difference in taxation and social-economic factors. The second part examines the factors which are motivating and intimidating these two sets of groups to follow the similar management accounting practices i.e. discouraging the system of protection, innovation in ISIT technologies, normative mimetic aspect, international strategic alliance and international trade agreements. Organizations operating in δDC‘s need to understand the pros and cons of each management accounting system considering local as well as international environment be fore adaptation. There are number of factors which a company needs to confront with like international collaboration, international competition, taxation, socio - ethical issues, technology, political conditions etc. Therefore the companies need to adopt the system which suits the most considering current and future prospects. However the converging factors are seen more active and dominating therefore in coming few years there are more expectation to have similar set of standards of management accounting systems. Introduction According to World Bank, the countries, where the gross net income GNP of an individual is lower than 9,266 per annum are classified as less developed countries δDC‘s or underdeveloped countries. εanagement Accounting