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Implementing IFRS in developing countries can pose several challenges, such as the high costs associated with training staff and updating systems to comply with international standards. Additionally, the lack of local expertise and resources may hinder effective adoption and lead to inconsistent application of the standards. Furthermore, the complexity of IFRS might not align with the simpler financial reporting needs of smaller businesses, potentially creating barriers to entry for them in the formal economy. Lastly, there may be resistance from stakeholders accustomed to local accounting practices, which can complicate the transition process.

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2mo ago

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