With the expansion of international business and global capital markets,the business community and governments have shown a decreased interest in the harmonization of international accounting standards.

Question

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This statement is incorrect. With the increasing globalization of business and capital markets, there has been a growing interest in the harmonization of international accounting standards. Efforts have been made by various organizations such as the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) to develop and promote the adoption of global accounting standards.

With the Expansion of International Business and Global Capital Markets,the