Question the july 6 2011 edition of the wall street journal, Ask an Expert

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Question: The July 6, 2011, edition of the Wall Street Journal Online includes an article by Michael Rapoport entitled "U.S. Firms Clash Over Accounting Rules." The article discusses why some U.S. companies favored adoption of International Financial Reporting Standards (IFRS) while other companies opposed it

Instructions: Read the article and answer the following questions.

(a) The articles says that the switch to IFRS tends to be favored by "larger companies, big accounting firms, and rule makers." What reasons are given for favoring the switch?

(b) What two reasons are given by many smaller companies that oppose the switch?

(d) Explain what is meant by "condorsement."

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92652096

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