Advantages of one GAAP for all companies regardless of size or type of ownership: Please include...
Advantages of one GAAP for all companies regardless of size or type of ownership:
Please include references.
Homework Answers
Ans. : Advantages of one GAAP for all companies regardless of size and type of ownership are as follows:
* Financial statements can easily be compared between companies in different countries.
* Companies can easily expand their business at international level. If accounting principles are not same than in that case cost of complying with those principles is burden on companies.
* Consistency will be maintained at the level of preparation of financial statements.
* It will build the trust of stakeholders in the companies as accounting principles will be worldwide same. Stakeholders are like government, investor, banks, employees, creditors, financial institutions etc.
* Principle of materiality will be followed which means full disclosure of all items which has an impact on financial reports and Auditors report.
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Advantages of one GAAP for all companies regardless of size or
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Please include...
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