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Under what circumstances might the traditional accounting frameworks fail to capture the true economic substance of modern business operations? Evaluate the challenges faced by accountants when dealing with emerging business models and innovative transactions. What modifications to existing principles might be needed to address these gaps?

Under what circumstances might the traditional accounting frameworks fail to capture the true economic substance of modern business operations? Evaluate the challenges faced by accountants when dealing with emerging business models and innovative transactions. What modifications to existing principles might be needed to address these gaps?

Contemporary Auditing
Contemporary Auditing
11th Edition
ISBN:9781337650380
Author:KNAPP
Publisher:KNAPP
Chapter8: International Cases
Section8.5: Shari’a
Problem 3Q
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Under what circumstances might the traditional accounting frameworks fail to capture the true economic substance of modern business operations? Evaluate the challenges faced by accountants when dealing with emerging business models and innovative transactions. What modifications to existing principles might be needed to address these gaps?
Transcribed Image Text:Under what circumstances might the traditional accounting frameworks fail to capture the true economic substance of modern business operations? Evaluate the challenges faced by accountants when dealing with emerging business models and innovative transactions. What modifications to existing principles might be needed to address these gaps?
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