question 3 identify and discuss the major challenges and opportunities associated with international accounting standards convergence. Analyse the implications of differences in accounting practices across countries and propose strategies for addressing these challenges.
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question 3
identify and discuss the major challenges and opportunities associated with international accounting standards convergence. Analyse the implications of differences in accounting practices across countries and propose strategies for addressing these challenges.
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- Discuss the impact of globalization on accounting theory and the need for harmonization of accounting standards across different jurisdictions.Globalization demands a single set of high-quality international accounting standards. Some elements: Select one: O a. Single set of high-quality accounting standards established by a single standard-setting body. O b. All the above O. Common disclosures. O d. Consistency in application and interpretation. e. Common high-quality auditing standards and practices.Discuss the role of International Accounting Standards Board(IASB) in bringing harmonization of accounting standards and the convergence of accounting standards.
- describe the status of global convergence of accounting standards and ongoing barriers to developing one universally accepted set of fi nancial reporting standardConvergence of accounting standards of a country with that of IASB is a better alternative to full adoption of IFRS. please explainExplain whether or not the adoption of IFRS by different countries will result in the adoption of consistent and comparable accounting practices internationally.
- Answer the following question, giving detailed examples to justify your answer;- Based on the book in the link below and other accounting materials, please identify and discuss the major challenges and opportunities associated with international accounting standards convergence. Analyse the implications of differences in accounting practices across countries and propose strategies for addressing these challenges. Here is the book, page 246 chapter 13 Global Convergence of Accounting Standards. http://ndl.ethernet.edu.et/bitstream/123456789/22231/1/56.pdf.pdf#page=269What are some of the problems created by differences in accounting across countries and the reasons to develop a set of internationally accepted accounting standards?Critically appraise the benefits and drivers of international financial reporting convergence and harmonisation undertaken by the International Accounting Standard Board (IASB). Define the term ‘financial reporting convergence’ as part of your answer.
- Which factor explaining why accounting practices differ across countries do you think is most important? Explain why.How do differences in accounting standards and regulations across countries pose challenges for the accurate and consistent analysis of international transactions, and what strategies can be employed to address these challenges?What contemporary factors are contributing to the internationalization of the subject of accounting?
