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Question 6 Accounting standards such as IFRS and US GAAP increase stakeholders' confidence in the integrity of the financial statements and provide increased comparability of the financial statements. Explain why the above statement is correct and how it can impact the cost of a. lending for the company 3 marks] Explain what IFRS is and describe the main difference of how the accounting b. standards are set compared to US GAAP 2 marks] Total 5 marks] Question7 Explain what the "accrual convention" is and provide 2 examples of it. 5 marks