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Explain the development process of international accounting

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Question: The IASB and the US Financial Accounting Standards Board (FASB) have been working together since 2002 to achieve convergence of IFRSs and US generally accepted accounting principles (GAAP).' To date, the convergence project is not finished.

Explain why the development process of international accounting harmonization is difficult and complex.

Reference no: EM132735681

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