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Financial reporting practices are unlikely to converge globally, despite efforts to harmonize financial reporting standards, '' (adapted from Leuz, 2010). Explain and critically discuss this

Financial reporting practices are unlikely to converge globally, despite efforts to harmonize financial reporting standards, '' (adapted from Leuz, 2010).

Explain and critically discuss this statement in light of obstacles to uniform IFRS adoption across different countries and regions. Support your discussion with examples and insights from different academic studies.

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