Answered: 1.Why do different countries have…

1.Why do different countries have different accounting standards? Explain your answer with suitable example. 2. What are the advantages of a single set of international accounting standards?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA1: International Financial Reporting Standards

Section: Chapter Questions

Problem 4MCQ

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1.Why do different countries have different accounting standards? Explain your answer with
suitable example.
2. What are the advantages of a single set of international accounting standards?

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