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Conceptual Framework for Financial Reporting Chapter: Elements of Financial Statements Question: Research the need for the new standard/amendment (include pros and cons) . Mention one

Conceptual Framework for Financial Reporting Chapter: Elements of Financial Statements

Question:

Research the need for the new standard/amendment (include pros and cons).

Mention one standard/amendment of US GAAP and one for the IFRS about the Elements of the financial statement. The response needs to be 150 lengths for the US GAAP and 150 lengths for the IFRS standard/amendment.

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