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A. Development of accounting and financial reporting Introduction I will be discussing the definition of financial reporting, the origin of national differences and the factors that give rise to these differences. I will also be mentioning the importance of harmonisation, standardisation and standard setters, the regulation involved such as The International Accounting Standard, as well as other approaches taken in an attempt to regulate accounting and financial reporting in different countries. Definition of Financial Reporting Financial Reporting is a way of presenting data about a company's financial position, the company's operating performance, and the flow of funds over an accounting period. Financial Reporting is defined by The American Financial Accounting Standards Board as "activities which are intended to serve the informational needs of external users who lack the authority to prescribe the financial information they want from an enterprise and therefore must use the information that management communicates to them". Origin and Factors of National...

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