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Case 4-18 Usefulness of Financial Reporting Lev and Gu maintain that flaws in generally accepted accounting principles severely limit the usefulness of financial reporting. They

Case 4-18 Usefulness of Financial Reporting

Lev and Gu maintain that flaws in generally accepted accounting principles severely limit the usefulness of financial reporting. They state that there are three major reasons for these findings and why accounting reports have lost relevance.

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What are the reasons Lev and Gu identify as the causing accounting reports to have lost relevance?

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