International accounting standards

"International understanding on rules is very difficult because the rules have different meanings: in Germany everything is forbidden unless it is explicitly allowed by the law, whereas in England everything is allowed except what is explicitly forbidden in the law. In China, on the other hand, everything is forbidden, even though it is allowed by the law, whereas in Italy everything is allowed, especially if it is forbidden." (Walton) - LOL, it seems to be a joke, but it isn't