1. Accounting standards and the interests of the users of financial statements. Three solutions have been proposed for resolving the problems associated with filing financial statements across...

1. Accounting standards and the interests of the users of financial statements. Three solutions have been proposed for resolving the problems associated with filing financial statements across national borders: (a) mutual recognition (also known as reciprocity), (b) reconciliation and (c) use of International Financial Reporting Standards (IFRS). Present a concise evaluation of each of the three approaches. What do you expect is the preferred

approach from the perspective of each of the following interested groups: (1) investors;

(2) company management; (3) regulatory authorities; and (4) stock exchanges.