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Please read the following publication by EY (see US GAAP versus IFRS.pdf in Course Resources Folder 5) on the differences between US GAAP and IFRS.

Please read the following publication by EY (see US GAAP versus IFRS.pdf in Course Resources Folder 5) on the differences between US GAAP and IFRS.

Identify 5 major similarities and 5 major differences between the two frameworks. Do you think there will ever be one globally accepted framework? Why/why not?

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