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Why does accounting information have some features of a public good? What are the implications for informati production in both unregulated and regulated markets? It

Why does accounting information have some features of a public good? What are the implications for informati production in both unregulated and regulated markets?
It was suggested many years ago that a court should be created to resolve disputes in accounting. In what way FASB function as an accounting court? In what ways is it different?
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