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Why do we need international accounting standards

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Question: There are various accounting standards used in different countries around the globe. Different observers have different opinions on why each country should have its own financial accounting standards or if the world should have one set of accounting standards for all counties. List at least four problems caused by accounting standards diversity around the globe. Why do we need international accounting standards? Why not simply let each country develop and use its own standards and let it go at that?

Reference no: EM132753608

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