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“IFRS in China”, prepare individual case analysis in good form. Your analysis should include a description of the characteristics of the Chinese economic and financial environment that are the most salient for financial accounting and reporting standards. How likely is it that Chinese firms that are former state-owned enterprises will be able to fully adopt IFRS as intended by the IASB, and what if any factors will make that difficult or impossible? In addition, discuss whether and why it matters to the US that the IASB and China may compromise on contested issues