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Pros - Comparability, Reduced Information asymmetry, Audit Efficiency, Relanvace, Exellent Labour mobility Cons- Cultural infulence, Costly, Hard to regulate in all countries, some accounting issues like Extraordinary Loss/Gain are not allowed under IFRS.

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15y ago
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A field of accounting that treats money as a means of measuring economic performance instead of as a factor of production. It encompasses the entire system of monitoring and control of money as it flows in and out of an organization as assets and liabilities, and revenues and expenses. Financial accounting gathers and summarizes financial data to prepare financial reports such as balance sheet and income statement for the organization's management, investors, lenders, suppliers, tax authorities, and other stakeholders. Get more detail about financial accounting

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Q: Advantages and disadvantages of Australia adopting IFRS?
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