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Outline for Paper on Accounting Standards: AICPA and IFAC

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In recent years, there has been an effort to develop a common set of accounting standards for nations and firms doing business around the world. Discuss how the effort for a global set of accounting standards has increased the motivation or need to establish a global set of ethical standards. Include in your discussion the history of the 1) U.S. (AICPA) and 2) international ethical standards (IFAC). How are the U.S. and the international community developing a common set of ethical standards? What are some of the challenges faced by the two governing bodies?

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Solution Summary

This is a brief outline of AICPA (American Institute of CPAs) and IFAC (International Federation of Accountants).

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Developing a common set of accounting standards poses a challenge to both the United States and the International community. It is a widely accepted belief that accounting is the language of business, international business for that matter. With this premise it is only necessary that common accounting standards be instituted. The need becomes urgent as trade and commerce are conducted in the international markets. Without a set of accounting standards, economies around the ...

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