Need Answer Asap Financial Reporting Case Ifrs1 5 Following Comments Made Annual Conferenc Q34200279

NEED ANSWER ASAP

Financial Reporting Case

IFRS1-5 The following comments were made at anAnnual Conference of the Financial Executives Institute (FEI).

There is an irreversible movement toward the harmonization offinancial reporting throughout the world. The international capitalmarkets require an end to:

1.The confusion caused by internationalcompanies announcing different results depending on the set ofaccounting standards applied.

2.Companies in some countries obtaining unfaircommercial advantages from the use of particular nationalaccounting standards.

3.The complications in negotiating commercialarrangements for international joint ventures caused by differentaccounting requirements.

4.The inefficiency of international companieshaving to understand and use a myriad of different accountingstandards depending on the countries in which they operate and thecountries

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