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The professional accounting bodies in many countries have taken, or are taking, steps to adopt IFRS/IAS.
Requirements:
1. Go to the website of a professional accounting body of your choice.
2. Prepare a 3-5 page report that outlines the steps this accounting body has taken so far to facilitate adoption of IFRS/IAS.
3. Evaluate the effectiveness and the implications of the steps taken in this adoption process in addition to potential challenges that may arise.
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