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International convergence of accounting standards

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Reference no: EM133154664

Harmonization or convergence of accounting standards might not necessarily result in comparable financial statements internationally due to nation-specific factors such as culture. With the core values of responsible stewardship and integrity in mind, respond to the following question:

1. Would the worldwide adoption of IFRS result in worldwide comparability of financial statements? Why or why not?

2. What are the potential benefits that a multinational corporation could derive from international convergence of accounting standards?

Reference no: EM133154664

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