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Assignment Instructions The IASB and the development of IFRS

Assignment Instructions The IASB and the development of IFRS have evolved over a period oftime. The year 2005 marked a significant milestone in this evolution.For the first time, companies traded in the European Union (EU) wererequired to prepare their consolidated financial statements under theIFRS. Yourpaper should be no less than 300 words and no longer than 500 words andbe compliant with all APA composition and referencing requirements. Question: Since 2005, publicly traded companies in the EU have been requiredto use IFRS in preparing their consolidated financial statements. Explain the EU’s objective in requiring the use of IFRS.Describe issues that might hamper the EU from achieving the objective underlying the use of IFRS. Submission Requirements Your paper should meet the following requirements: Written communication: Written communication is free of errors that detract from the overall message.APA formatting: Resources and citations are formatted according to current APA style and formatting.Length of paper: 300–500 typed, double-spaced pages.Font and font size: Times New Roman, 12 point.

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