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Accounting - Major Problems for Standard Setters Internationally

Select one accounting practice that has caused major problems for standard setters internationally (i.e. where practice varies considerably from country to country ).

Explain the problem and how standards setters have attempted to harmonise practice. Describe and evaluate the current situation.

Please see attached for Guidelines.


Solution Preview

For this problem, take this approach
<br><br>1. Select any one of the practices that have been suggested by your tutor else you can select any accounting practice that is different from country to country. The example of accounting for goodwill is one of such practices.
<br><br>2. Give a preface about why you have selected the practice and introduce the accounting area, for example in the area of goodwill you can give a brief introduction of the nature of goodwill and the different practices of goodwill accounting that are carried in different countries. As your ...