It is argued that culture (Wong, 2004) and non-compliance with IFRSs (Ali, 2005) are two major barriers to harmonize accounting standards globally. Briefly discuss the above statement in the Introduction section. Do you agree that culture can be a barrier to harmonize accounting standards throughout the world? Discuss with examples and provide your own comments. Do you think that compliance with IFRS is essential to harmonize accounting standards globally? What are the reasons for non-compliance with IFRS? Discuss with examples. Do you think harmonization of accounting standards is possible? Justify your answer. Summarise the above questions in the Conclusion section.

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INTRODUCTION The International Financial Reporting Standards are form to bring the unity in global economy They are formed by nonprofit organisation I... View the full answer