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Assume that three accountants have been selected to measure the net income of a firm...

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Accounting

Assume that three accountants have been selected to measure the net income of a firm under U.S. Generally Accepted Accounting Principles (U.S. GAAP) and International Financial Reporting Standards (IFRS). The results under U.S. GAAP (M1) were net incomes of $15,000, $13,000, and $11,000. Under IFRS (M2), results were $25,000, $20,000, and $15,000. Required: Determine the objectivity of each of the two measurement systems for the year under consideration. On the basis of your examination, which of the two systems would you prefer? Explain.

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