Explain due processes of setting a new accounting standard, Accounting Basics

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Explain due processes of setting a new accounting standard

Problem

i. Globalization demands a single set of high-quality international accounting standards. Explain at least 5 elements that demands a single set of high-quality international accounting standards.

ii. Name the two major organizations that sets standards and explain the due processes of setting a new accounting standard? Please write one paragraph.

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Accounting Basics: Explain due processes of setting a new accounting standard

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Accounting Basics: Explain due processes of setting a new accounting standard

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