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Countries Establish Their Accounting Standards Using One of Two Methods

Question 17

Essay

Countries establish their accounting standards using one of two methods. They can be either code-law countries or common-law countries.
Required:
Explain these two separate methods used to establish reporting standards and why IFRS might not be adopted completely under either method. Provide examples of each type.

Correct Answer:

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Code-law countries are countries that es...

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