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Explain the legal requirements that require financial reporting in accordance with IFRS in the European Union. b) Explain the legal requirements that require financial reporting

Explain the legal requirements that require financial reporting in accordance with IFRS in the European Union. b) Explain the legal requirements that require financial reporting in accordance with IFRS in Germany. c) Discuss potential advantages and disadvantages for German entities that report in accord-ance with IFRS.

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