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What is wrong with the following mechanism?
Pronouncements
Official statements or declarations, often from authoritative entities, that dictate principles or procedures in various fields like accounting.
Rigid Standards
Strict, inflexible guidelines or criteria that must be followed rigorously.
IFRS
International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that guide how financial statements are prepared and presented globally.
Accounting Treatments
Methods or procedures applied in preparing and presenting financial statements, based on guidelines from accounting standards.
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