A variety of economic and institutional factors are thought to have influenced the development of a countrys accounting system and cause differences in those systems across countries. As differences in accounting across countries can create several problems, standard setters around the world have been attempting to converge accounting standards since about two decades ago by using a single set of accounting standards worldwide for the benefits of multinational corporations.Provide TWO (2) comments on what problems can arise from differences in accounting across countries

Describe THREE (3) benefits of a single set of accounting standards for multinational companies