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1. Do uniform accounting standards (such as IFRS) eliminate all distortions from accounting statements, leading to uniform numbers across companies? 2. What are the key

1. Do uniform accounting standards (such as IFRS) eliminate all distortions from accounting statements, leading to uniform numbers across companies?

2. What are the key problems with generally accepted principles (GAAP)? Discuss whether uniform GAAPs around the world would eliminate all distortions from accounting statements and lead to uniform numbers across all companies.

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