Speakers don't; a "good" speaker setup with eyes closed and no wind/perceptible airflow and no smell and truthful thermal radiation surroundings is effectively indistinguishable from the real place.

Like, literally.

It's not _possible_ with earphones because you can't not feel their presence without being numb on a good bit of your head.

There are various "ideal" EQ targets for earphones depending on what your model of an ideal audio source is. They all start with a flat response speaker, from then you can model:

- Two speakers right next to the listener's ears. (flat)

- A single speaker 1 metre away in the x axis, in an infinitely-sized anechoic room. (free field)

- Two speakers 30 cm away pointing to a plastic torso at a 90° angle, in a room with reverberations. (B&K/Harman)

- A spherical room lined with speakers, point listener in the centre with no reverberation. (diffuse field)

- An infinite wall of speakers 1 metre away in the x axis. (another method for free field)

- etc