Solved: Despite the hardworking of convergence process and, Accounting Basics

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Despite the hardworking of convergence process and

1. What are the challenges of IASB and FASB convergence (400 words approx.)

2. Potential benefits of IFRS adoption (400 words approx.)

a. Despite the hardworking of convergence process and differences with IFRS, countries still able to benefit from the application of IFRS, please specify HOW China and Australia benefit from IFRS differently?

Also, please cover

- Advantages of IFRS for investors (direct and indirect advantages, etc)

- Advantages of IFRS for other stakeholders, regulators, etc.

- What else advantages? Do focus on China and Australia, more examples the better along with referencing.

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