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International Financial Reporting Standards Contribute to Global Economic Progress

September 20, 2007

Analysis of:IASB Revises Financial Statements Standard | www.webcpa.com

Internationalization of business and capital markets has resulted in an economic environment that would be improved by uniform procedures for financial statement preparation. This would benefit investors, lenders, financial analysts, accountants, and auditors. The IASB has developed International Financial Reporting Standards (IFRS) which provide uniform procedures, which facilitate comparability of financial statements among firms of diverse country locations.

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