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Can you think of reasons why there could be claims that financial statements that are prepared

Question: 1. a) Can you think of reasons why there could be claims that financial statements that are prepared in accordance with accounting standards are not true or fair? b) Should information in the financial reports be limited to financial or numerical information? What are the difficulties or problems in requiring companies to provide non- financial information about, for example, human capital, intangibles, or innovations? 2. Ball (2006, p.17) makes the following comment: “In sum, even a cursory review of the political and economic diversity amongst IFRS adopting nations, and of their past and present financial reporting practices, makes the notion that uniform standards alone will produce uniform financial reporting seem naïve.” Critically assess the validity of Ball’s comments and discuss at least five factors which lead to national differences in accounting (Hint: treat different cultural dimensions as one factor).

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