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Critically explain how the Australian Accounting Standards Board take part in the global accounting standard setting...

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Accounting

Critically explain how the Australian Accounting Standards Boardtake part in the global accounting standard setting process (i.e.in setting IFRS). Why is the IFRS set by the InternationalAccounting Standards Board (IASB) not compulsory for the membercountries of IASB? (700 words needed)

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The vision of the AASB is to build on its reputation as a leading national standard setter and be recognised as a global centre of excellence delivering a truly distinctive contribution to the development of high quality financial reporting standards The mission of the AASB is to develop and maintain high    See Answer
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Critically explain how the Australian Accounting Standards Boardtake part in the global accounting standard setting process (i.e.in setting IFRS). Why is the IFRS set by the InternationalAccounting Standards Board (IASB) not compulsory for the membercountries of IASB? (700 words needed)

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