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The increasing globalization of world business has warranted that financial interactions across different jurisdictions have also increased, which makes the standardization of financial reporting even

The increasing globalization of world business has warranted that financial interactions across different jurisdictions have also increased, which makes the standardization of financial reporting even more important. The International Financial Reporting Standards (IFRS) is the foremost accounting governance body with about 167 adhering global jurisdictions while US companies use the General Acceptable Accounting Principles (GAAP) standard.

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