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. Analyze arguments for and against accounting standards.  

b. One of the main purposes of harmonization of accounting standards is that differences in financial reporting exists between jurisdictions. Analyze the sources of these differences. 

Answer rating: 100% (QA)

solution A Standardization can potentially spread expert knowledge and enhance consistency Madsen 2011 It could reduce the litigation risk to auditors by providing justification decision Auditors can ... View the full answer