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Q1. Discuss the significance of financial reporting for a business organization from the perspective of internal and external users of financial information. Identify the role

Q1. Discuss the significance of financial reporting for a business organization from the perspective of internal and external users of financial information. Identify the role of IASB and FASB in developing the Conceptual Framework for Financial Reporting in the establishment of compatible standards worldwide. (1.5 Marks)

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