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Cultural Impact Of International Financial Reporting Standards On The Comparability Of Financial Statements, Cassandra L. Ward, S. Keith Lowe
Cultural Impact Of International Financial Reporting Standards On The Comparability Of Financial Statements, Cassandra L. Ward, S. Keith Lowe
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Due to globalization and expanding international business, it has become necessary for companies in various countries to communicate through a universal language of accounting. International Financial Reporting Standards (IFRS) were developed and issued to serve as a uniform set of accounting standards. A proposed advantage of global implementation is the improved comparability of financial statements. However, due to variations among cultures, it is unrealistic for a single set of standards to be accepted and implemented in a wholly uniform manner to produce innately comparable financial statements. Because of cultural differences, there are varying degrees of IFRS acceptance: some countries adopt …