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Why is important and necessary to implement accrual base

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Problem 1: Why it is important and necessary to implement accrual base accounting for all governmental units globally rather than a cash basis accounting system currently used by many governments; even though it is expensive, and many nations, especially Third World nations, do not have the workforce to produce this standard of financial reporting, and even though some have debated, to allow these Third World nations to do what is necessary and use the cash basis accounting method.

Reference no: EM132969696

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