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1. Briefly summarize the GAAP and IFRS systems. 2. Describe the main differences between the two systems. 3. why is it important (or is it?)

1. Briefly summarize the GAAP and IFRS systems.

2. Describe the main differences between the two systems.

3. why is it important (or is it?) to converge the existing global systems? In other words, do you think the convergence of global accounting systems is necessary? or could it be harmful? Why?

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