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Accrual and Modified Accrual Basis of Accounting
Submit your responses to the following questions in a 1-2 page summary MSWord document. Label each question clearly. For written answers, please make sure your responses are well written, use APA formatting, and have the proper citation, if needed.
1. How does the modified accrual basis of accounting differ from the accrual basis?
2. What are the three sections of a comprehensive annual financial report (CAFR)? What information is contained in each section? How do the minimum requirements for general purpose external financial reporting related in scope to the CAFR?
Evaluate and summarize the differences between International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP). Why is this important? How will it be implemented? How are these standards regulated? Who r..
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