Question: Harmonization effect. Harmonization of accounting standards through a private standard-setting process will have both advantages and disadvantages to American investors and businesses. 1. Discuss the

Harmonization effect. Harmonization of accounting standards through a private standard-setting process will have both advantages and disadvantages to American investors and businesses.

1. Discuss the advantages of harmonization to American investors.

2. Discuss why differences in accounting principles and disclosure requirements may place American businesses at a competitive advantage.

3. Discuss how the U.S. accounting profession can influence the process of harmonization.

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