A critic of the IFRS said, "since there is no one government enforcer of accounting rules, the IFRS is different from country to country. So, the idea of a single unified accounting standard is an illusion. Each country has its own IFRS." Give a concise response to this criticism. You may present arguments for/against/or both. Are there mechanisms other than government enforcement that can help to ensure the quality of accounting?

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While its true that the implementation of IFRS can vary across countries leading to some differences in accounting standards the overarching goal of IFRS is to harmonize accounting practices globally ... View the full answer