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>Moving to another question will save this response. Question 25 of 30 Question 25 6 points The following extract is from "Brexit is done, now what about accounting?", The Conversation, July 1, 2016 2.24pm AEST The UX's exit from the European Union might have consequences for the conduct of accounting and financial ing around the world.. Intern anal accounting standards can and do facilitate capital flows around the world. Accountants are now a knowledge workers, finding it easier than ever before to find work around the world. Unfortunately, as in most things in life, benefits don't come free. There is pain involved in adopting international standards. The key issue is the loss of your local identity Countries gradually lose the ability to respond to important local issues their own way as they move towards a world view of accounting standards. They lose sovereignty over how they tell their accounting stories via financial reports. A report by EY suggests that Britain faces several options for financial reporting following its exit from the EU. First, they could continue to require listed companies to apply IFRS as adopted by the EU. Second, they could allow firms to revert back to the application of UK GAAP. Finally, they could allow listed firms to apply a 'UK-adopted IFRS" (EY; 2018). Required: Using what you have learned in Accounting Theory & Practice, discuss whether you think that the loss of local identity mentioned in the article is likely to result in the UK returning to the use of UK GAAP. Provide at least three reasons to support your argument. TT TT Paragraph v Arial 3 (12pt)