Question #1 – What is the ‘expectations gap’? Is there even anything the accounting profession can do to close this ‘Expectations Gap’?
Question #1 – What is the ‘expectations gap’? Is there even anything the accounting profession can do to close this ‘Expectations Gap’?
Question #2 – To converge or not to converge, that is the question. The adoption of IFRS by U.S. companies would it easier to compare U.S. and foreign companies, as well as for U.S. companies to raise capital in foreign markets.
The "expectations gap" in accounting is like a gap between what people think accountants and auditors do and what they actually do. It happens because folks often have unrealistic expectations about what these professionals can achieve. Here's why it's a problem:
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