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The accounting professional bodies have recently introduced new financial accounting standards in the areas such...

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Accounting

The accounting professional bodies have recently introduced new financial accounting standards in the areas such as revenue recognition, lease accounting and current expected credit losses. Accountants need to understand the factors and rationales behind these changes so that they can better prepare themselves to provide professional services to their clients.

Required: Using one of the three theories (public interest theory, capture theory, and economic interest group theory), provide two possible reasons or examples that might have caused the changes to these standards

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