Please answer the following discussion and add each references. It doesn't have to be 3 full pages, it can be less if necessary. Acc401 -7 Please respond to the following: Assume that all the...

Obstacles to Worldwide Comparability of Financial Statements:
1. Differences in Accounting Standards:
Obstacle: One of the significant obstacles to the worldwide comparability of financial statements is the lack of uniformity in accounting standards across countries. Companies outside the United States typically do not use International Financial Reporting Standards (IFRS), leading to variations in reporting practices.
2. Variations in Accounting Practices:
Obstacle: Differences in accounting practices, such as valuation methods, recognition criteria, and disclosure requirements, further hinder the comparability of financial statements. These variations make it challenging for investors, analysts, and other stakeholders to make meaningful comparisons between companies.
The cost of implementation of IFRS is higher for small-scale businesses.
3. IFRS may lead to manipulations in the accounting...
4. Global consistency is complex in auditing if IFRS is adopted worldwide.
Strategies to Overcome the Ba
iers:
1. Adoption of IFRS:
Strategy: Encouraging more countries to adopt International Financial Reporting Standards (IFRS) can promote worldwide comparability of financial statements.
Rationale: According to a study by Nobes and Stadler (2015), countries that adopt IFRS tend to experience improved comparability of financial statements, leading to enhanced transparency and better decision-making by investors and other stakeholders.
2. Convergence of Accounting Standards:
Strategy: Promoting the convergence of accounting standards between countries can help address variations in accounting practices.
Rationale: Research by Ball (2006) suggests that the convergence of accounting standards can lead to greater comparability of financial statements, resulting in increased investor confidence and improved allocation of capital.
Acc308-7:
Let's consider a small independent bookstore, "Book Haven," located in a subu
an area. Book Haven sells a wide range of books, including fiction, non-fiction, children's books, and specialty books. With the rise of online shopping and competition from large online retailers, Book Haven has recognized the need to expand its sales channels by implementing online sales.
Implementing Business Process Reengineering (BPR) for Online Sales:
1. Envision New Process:
Vision: To establish an effective online sales channel that enhances customer convenience and expands the bookstore's reach.
Objectives:
· Increase sales revenue by 20% within the first year of online sales implementation.
· Expand customer base by targeting online shoppers.
· Improve customer satisfaction by providing a seamless online shopping experience.
2. Initiate Change:
· Commitment from Management: Secure commitment and support from bookstore management for the implementation of online sales.
· Allocate Resources: Allocate necessary resources, including budget, technology, and personnel, for the online sales initiative.
3. Process Diagnosis:
· Cu
ent Process Analysis: Evaluate the cu
ent sales process at Book Haven, including in-store sales, inventory management, and customer service.
· Identify Gaps: Identify gaps and inefficiencies in the cu
ent process that prevent the implementation of online sales.
4. Process Redesign:
· Design E-commerce Platform: Develop a user-friendly e-commerce website for Book Haven.
· Implement Inventory Management System: Introduce an automated inventory management system to track online and offline sales.
· Integrate Payment Gateways: Implement payment gateways for secure online transactions.
· Offer Delivery Options: Offer options for home delivery or in-store pickup.
5. Reconstruction:
· Training and Development: Provide training to bookstore staff on the new online sales process and inventory management system.
· Launch...