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QUESTION 1 'Both theory and practice in the field of group accounting have differed substantially from country to country'. (Nobes and Parker, 2012, p394) Required:

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QUESTION 1 'Both theory and practice in the field of group accounting have differed substantially from country to country'. (Nobes and Parker, 2012, p394) Required: a. Explain why the practices of consolidated reporting arise in the United States earlier than in the United Kingdom. (6 marks) b. Discuss the varying approaches in IFRS and US GAAP to purchase accounting. (14 marks) (Total: 20 marks)

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