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1. Why there is a need for International Accounting Standards? (2 Marks) 2. List all the Accounting Standards and IFRS and explain its purpose in

1. Why there is a need for International Accounting Standards? (2 Marks)

2. List all the Accounting Standards and IFRS and explain its purpose in brief (4 Marks)

3. Preseat a short summary of IAS8 or IFRS in your own words. (4 Marks)

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