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Discuss the Need for Regulation in Financial Reporting There is a need for regulation in financial reporting because of a number of reasons. There are several major user groups of financial reporting, some of which include equity investor groups, employee groups, analyst adviser group, the government, the public and other stakeholders. These different stakeholders however, need to be able to interpret and use financial information in a systematic way in order to make the necessary financial decisions. If these different user groups created financial reports, it will be prepared in diverse ways which would suit their various requirements. If this is the case, then different groups will interpret different financial reports in different ways. There are international differences in accounting practices. Accounting practices differ from country to country and so do the regulatory frame work and the balance between the public and private regulation. Over the years, bodies like the...

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