Question: a. Mandatory standards are needed to define the way in which accounting numbers are presented in financial statements, so that their measurement and presentation are

a. Mandatory standards are needed to define the way in which accounting numbers are presented in financial statements, so that their measurement and presentation are less subjective. Analyse arguments for and against accounting standards. (15 Marks)

b. One of the main purposes of harmonization of accounting standards is that differences in financial reporting exists between jurisdictions. Analyse the sources of these differences. (10 Marks)

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