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Published by hamarshi2010

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Published by: hamarshi2010 on Dec 23, 2009
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09/16/2010

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THE NEED FOR INTERNATIONALACCOUNTINGSTANDARD
 
 
THE NEED FOR INTERNATIONALACCOUNTING STANDARD
1-
accounting in the early 1900s
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accounting practices was unregulated
.
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firm relied on loan-capital which was supplied by outside creditors andbankers
.
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each firm followed it is own accounting practices
.
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no comparability between two firm existed and neither did consistencyfor the same firm over time
.
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because there were few investors this situation was not major concernat that time
.
 
 
THE NEED FOR INTERNATIONALACCOUNTING STANDARD
2-
first pubic investment boom
.
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the world war I
.
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issuing liberty bonds
.
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the first real opportunity to “invest" and earn areturn, interest
.
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the united states became the chief supplier of materials to the allies, which helped USA morewealthy than they had ever been and paved the wayfor the post WWI period
.

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