Both the form and content of financial statements are currently the same in most countries due to the convergence of accounting implemented by the International Accounting Standards Board.

Question

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While the International Accounting Standards Board (IASB) promotes the use of International Financial Reporting Standards (IFRS) to harmonize accounting practices globally, not all countries have fully adopted these standards, leading to variations in both the form and content of financial statements across different jurisdictions.

Both the Form and Content of Financial Statements Are Currently