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The Coalition of Northern Groups CNG has said that with the arrest of Nnamdi Kanu and Sunday Igbohu, the government should go beyond prosecution to digging up and exposing their sponsors and the agenda behind them. The Pan-European Social Political Organization has responded to the arrest of Igbohu saying that though they are surprised it was still studying the situation of events before making a formal statement, Kanu was arrested in Kenya while Igbohu was reportedly arrested in the Benin Republic. Well, while allegedly trying to flee to Germany, this is the report that we've gotten so far. But to discuss this and of course the security implications, we have Dennis Amakri, a former assistant director with the Department of State Security, D.S.S., and we have Iniba Gifiong, who is a legal practitioner. Thank you, gentlemen, for joining us. Thank you. Great. Thank you. I'm going to start with you, Mr. Amakri, because this is obviously a security situation. The last time I spoke about this issue of Nnamdi Kanu and then of course the D.S.S. going to the House of Sunday Igbohu, the security expert that we had on had said that the way that government was handling this situation was giving these non-state actors more air time, more visibility than they should have, you know, on a normal day.  Yes. Thank you for having me. Yes, I agree. I agree that we are giving a lot of air time to non-state actors, especially the terrorists and bandits, you know, who have been harassing the country for so long. But about Nnamdi Kanu and Igbohu, that's a different case altogether. Nnamdi Kanu's situation, I think, is something bordering on treason. And well, I think the courts have to decide on it. He skipped bail, he ran away, and then he was picked up and brought. So I think for a country that operates under the rule of law, he should have his time in court to defend himself. His lawyers will be there to defend him. On Igbohu's case, I think people are becoming too emotional about it because the narrative right now is that he's a Euroban nationalist fighter. But the reason that the DSS gave was that they hadn't told about a cashier of arms in his house. And then, of course, they went there and they found the arms, and now he is to appear in court to defend why he is carrying arms.  So if he's saying that the arms don't belong to him, like some people have said, then let them appear in court. And then, of course, talk about it. That's what the cases of the lawyers are. The lawyers will be there to defend them or to prosecute him. But the idea of running away also spoils his case because it's now showing just like Kanu. You know, you don't run away. But can I come in there because I was waiting for you to land. Namdi Kanu did make a case saying that the reason why, and I'm not his counsel, but he did say that the reason why he ran was because he was afraid for his life. And we can see a clear case of almost a similar case of what happened to Namdi Kanu where his house, his family home was sacked, gunshots, and people were allegedly hurt. Same thing for Sunday Moho. In the middle of the night, his house is ransacked. Someone is shot dead, blood everywhere. And the community seems to be threatened. Maybe the modus operandi of the Secret Service or the DSS is the reason why these people are running for their lives. Because what is wrong with the Department of State Security inviting this man as they've been inviting other politicians. And for the case of Namdi Kanu, I'm just also saying maybe that's the reason why these people keep running for their lives because they feel very threatened. I mean, especially for a person who's never really killed somebody but has been agitating for an independent state. You have to understand the underground water that runs in this particular cases. You know, what people see on the surface is exactly not what is going on. Namdi Kanu has been directing people in Nigeria to do certain things, bomb down police stations. He has asked them to do certain things. He has even put bounty on the head of a of a serving of a serving governor, okay? So when you when you see people like that, non-state actors that are violent, it's different from non-state actors that just how many people have gone to let put it, let put it this way. How many people have gone to read Ghanifah and his house with guns? Because there are no guns there. And when they go there, he's trying to follow them. He goes to court and he has his day in court and they release him and he goes away. You know, in the case of Igbo, there was gone. How can we tell that there were guns there? And again, permit me, and I'm not in any way speaking for Igboho, but I'm saying that there have been cases where we have as normal citizens, seen and heard police officers tell us that they will shoot you and give you the gun and say that you are the one who carried the gun. So why would they have it like that? No, no, no, I'm just saying I'm just saying again, I'm just saying I'm just saying if Igboho is saying that those guns do not belong to him. And let him go to court, let him go to court and prove it. OK, let him go to court. There is no problem with that. If somebody allegations, there are still allegations. Exactly. If he goes to court, you will do that. But there was a gunfight where even a DSS officer was shot in the arm. OK, so we are not going to say what happened. They shot themselves or what? Let everybody go to court. We believe in the rule of law and it's in Nigeria. I think even the lawyers will tell you they want him to have his day in court. In court. That's why the lawyers exist. So let him go to court and then either defend or prosecute. And talking about lawyers, let's take a legal aspect or a legal view of this, you know, story. We have seen the Nnamdi Kano situation happen. And now we're having the Sunday Buhu situation. Where do you where do you think that, you know, the government is coming from and and does Nnamdi Kano one way or the other have any because, again, I remember that he had two shorties who had to shorty for him when he was given that bail before he jumped and disappeared from the country. And for Sunday Buhu, just as Mr. Maki has said, they all should deserve their day in court. But again, I'm going to ask the first question that I asked Mr. Maki, why are we giving so much attention to these non-state actors as opposed to the people who are really terrorizing the country?   The Boko Haram that is killing people, the terrorists in the north that are being called bandics. The S-men that are rampaging, murdering, raping people across the country. They are not of interest to the SSS. And I have a problem with the media keep saying DSS. Because, you know, there is no agency known to law at DSS. That is part of the problem that we have. The agency that is known to law is state security service that you can abbreviate as SSS. I don't know where this name DSS came from. It is part of the community that we have to address. If an agency is established by law, that is the National Security Agency's Act with the names state security service, who should stick to that name? Because what we keep saying DSS, you see that name has now become a reputation of impunity. And I listen to Metamarche saying they should have their day in court. Do DSSs believe in the judiciary? Do they believe in the rule of law? The people who were arrested in Iboho's house had been detained beyond 24 hours. Which court have they been arraigning? The people that were arrested at Dunami's church for merely wearing Buwari must-go t-shirt by the same agency. For almost over two weeks now, have they been taken to court? Weshawira was arrested and detained and the court gave another for his release. Is it not the same agency that defied the court and refused to release him in flagrant disobedience to the court? Is it not the same agency that invaded the federal court in Abuja? Is it not the same agency that invaded our National Assembly? Is it not the same agency that is on rampage? Arresting, violating the rights of citizens? So let him stop taunting us. Let him stop taunting us to say they should have their day in court. This pretend that the DSS believe in the judiciary process has to stop and let us get this clearly. Whatever Iboho, whatever Nandikano are fighting for, it is within the contemplation of the right to self-determination, which is even recognized on Nandirando. Under article 20 of the African Charter of Human and People's Rights, Ratification and Enforcement Act, there is nothing that amounts to terrorism in saying you don't want to be a Nigeria anymore. But then Mr. Macri made a case. Mr. Macri made a case saying that look, Nandikano, as he said and I'm quoting him, had put a bounty on the governor's head. He has mandated people to burn down a police station. I haven't seen that press release by Nandikano, by the way. But of course he's saying that they know more, they have more information than we do because they're the Department of State Security Service and they have more information than we would probably have. And so he's saying that maybe these people are inciting violence and causing some form of obstruction in the country. And that's why, in your words, they are persons of interest to the government and the State Security Service. Look, what I'm saying is that let us stop pretending that this is an effort by the government to enforce the law or to uphold the rule of law. This is just the regime that is opposed to anybody that expresses an opinion that they are not comfortable with. It has nothing to do with whatever Nandikano was saying. When the same government pretended that they wanted to try him and they filed a charges before Justice Miyako, why did the military invade his house? Why did they assault his father? Why did they kill his supporters even when the charge was paid? If he had violated his belt condition, they'd go back to the court. So let us stop this hypocrisy that there is a government that is interested in enforcing the law. This has nothing to do with the enforcement of the law. This is just about a regime that is determined to quell all form of dissent. That is what it is about. And they keep saying Nandikano has done this, Iboho has done this. Do they genuinely believe in the judicial process? I'm just telling you now that even Iboho supporters who are arrested, they have been kept for four many days now. The conditions and the conditions cannot be detained beyond 24 hours. Why are they still in custody? Have they been given access to legal representation? So you cannot be pretending that you want to enforce the law and you do not comply with the constitution. And you are killing people. And they came out to say we only kill two people. Those officers that killed two people, two Iboho supporters that they have admitted to, have they been tried? Have they been dismissed? Have they been arranged for murder? He said that there was an exchange of gunfire. So those instances of each other were there. Did they have some immunity from bullets? That none of them was killed? I refuse to believe them. Let them produce the CCTV. Because Iboho has said there was CCTV in his house. They should produce it for the endurance to see. For us to believe. Why do they have to invade the house in the day or the night?  Is that a part of legitimate and democratic civilized world of law enforcement? I think we should let Sir Macri answer this question. Mr. Macri, would you care to respond? Yes, I think my Leonard friend there is being emotional about the whole thing. Because he's saying that the government does not believe in the rule of law. Why is it that when Cano was brought back, he was taken to court? If they don't believe in the rule of law, in fact, they would have taken care of him overseas or have him bringing here and locking him away. What do you mean by taking care of him overseas? He was taken to court. Yes, he was taken to court. And of course, he has his day in court, which has been rescheduled. But you see, one thing about these things is that, yes, there is nothing wrong with people agitating for self-determination, you know? And that is a normal thing that people do. And it takes years and years. Sometimes we talk about people who want a republic of Ireland and they belong to it. And so many years are gone by. But when you start carrying arms or start, you know, just like in Israel, where they started shooting missiles into Israel, Israel is not going to fold his hands and say, oh, we are under the rule of law. We believe in the human rights. Mr. Macri, I have seen, again, I am not a spokesperson for either of these gentlemen, but I have seen rallies that have been organized by Igboho, and I did not see guns. Yes, you have seen rallies. And I haven't seen guns. And at those rallies, they are advocating for the Euroband nation. Yes. And when you say they start carrying guns. The rallies were not dispatched. Yes. I even attended one. When you say they start carrying guns. The rallies were not dispatched. They were not dispatched. They carried out their rallies and then people were singing and nobody dispatched them. But then the rally that was supposed to happen in Lagos, or that tried to happen in Lagos, till today, we're still waiting to hear about the little girl that was shot at by police officers while people were trying to encode rally for the Euroband nation, or what they call it, a rally, a protest. It was peaceful, but then it turned into something bloody because policemen shot at a girl and that girl died. So were there guns in Lagos? Those were rallies. So when you say they start carrying guns, I want you to explain to us where the guns come in. Yeah, Mary, you have to put it in perspective. If you have to put it in perspective, Lagos had had problems. I've seen the one in Osho. I've seen the one in Oyo where Igbo had a big following and they had protested and no problem. Nobody shot anybody. Nobody dispersed anybody because it is their right. It's their right. Even Igbo has been demonstrated in the East. It is only when guns become involved. Now, in the case of Lagos, the Commissioner of Police have come out to say that, see, we had a very bad experience in Ensaas and because of that, we were not expecting... Who started the shooting? Again, for Ensaas, I recorded every single day at that... No, no, I just want to put... I'm sorry, I'm going to let you speak because we keep going back to Ensaas as an example of sorts as to why we cannot have peaceful protests in Lagos. I recorded, I was reporting from that toll gate every day. At no point did we see that protest become not peaceful until the day that soldiers were dispatched to shoot at protesters. And so when the government makes reference to that, I'm wondering, who made that protest become not peaceful in Lagos and why is the Lagos State Government so afraid of any other protests? I agree with you that Ensaas started peacefully. You know, and it proceeded peacefully. The government was even responding to the Ensaas people. There was no problem until we had involvement with soldiers. I agree with you. And of course, there was no reason whatsoever for that intervention because everything was going on very well. But where the government or the police in Lagos is feeling worried because they felt that, okay, my house had been burnt before and I know I will not take any chances for them. I'm not a spokesman for the police. But police felt that they have to preempt whatever that might happen again by not allowing any kind of protest. But if you want, you can go and talk to the police and you can ask them why they have to stop a peaceful protest. Okay, you need to be out of time. So I want you to quickly just wrap this up. Why do you see this going? Because people are asking that Mimoho and kind of be given a fair day in courts. Do you see fairness playing out at the end of the day? The only thing is a sham. I can tell you, I doubt even anything will come out of it. Does this mean that you do not even trust the legal process and the profession that you belong to? I'm not saying the legal process. The government does not believe in the legal process. Let us stop, like I said, this is just a pretense that I hope we want to take this into court. This is not about trial. This is not about prosecution. This is not about criminality because if this is about criminality, we know who the real criminals are. I don't know that you've seen the video of the EMEA of Darabah State that gave Estmen 30 days to vacate forests in Darabah. That is the kind of situation that we are. Where is the SSS? Where is the intelligence? Why is the intelligence so good in kidnapping somebody in Kenya and abducting him to Nigeria? But the intelligence cannot see the kidnappers. Cannot see the Estmen and they're killing people from the country.  Where were our SSS? Where was the intelligence? So this is about where they are interested. They have the resources, they have the capacity, but they don't have interest in fighting crime. They are interested in resistance. And they're simply at heart. We need to go. Thank you very much. Inibar Effiong is a legal practitioner. Dennis Amakere is a former director of the DSS. Thank you, gentlemen, for being part of this conversation. Thank you for having me. All right. At this point, I want to thank you all for being part of the conversation. We will see you tomorrow. I'm Baraka Desala to all our Muslim friends. Good night.


Everyone, Sam here with late in sports cards, been 22, 23, Penny Prism, basketball blaster, 20 bucks, full case break, number five, random team style. So look again at your random results. As always, you can find those on the website under the results tab, as well as the link that's in chat. Good luck. Here we go. I think this is split even that base. Gas, but I don't know the check. Yes, all that base will be split even on this one. All right, here we go. Ice, Keegan Murray, Green, T.J. Warren, E.J. Lidell, Mellowball Dominance, Trey Jones, Ice, Justin Holliday, Green, Jalen Brown, Oshai, Bajiru, Insta Impact, Benedict Maffarin, Zach Levine, Ice, Victor Oladipo, Silver, KG, Insta Impact, Shadon Sharp, and Jalen Durin. I don't wanna do this, four at a time or so. Maybe just two at a time. Ice, Tyrese Martin, Rookie, Silver, Jalen Williams, nice one there, Douglas McLean, Tartan Dominance, Marjon Bochamp, Rookie, Ice, Jalen Green, second here, Green, Davion Mitchell, Anna Jaden, Hardy Rookie. Say Green, Insta Impact, Marjon Bochamp, Gary Payton, Ice, Jeff Green, Silver, Kailin Horton-Suckard, Dallon Terry, Insta Impact, Jake LaRavia, Shaq, Ice, Shadon Sharp, Silver, Patrick Baldwin, and Patrick Baldwin Base. That's right there, actually. Insta Impact, Mark Williams, Parker. Kind of just go through the base on this one. Stop on the ices and the greens and such. Ice, Bobby Portis, Green, Harrison Barnes, Rookie, Mark Williams. Say Green, Tim Hardaway, that's pretty sick. And Trey Murphy. What is that really, Trey Murphy? Ooh, boy. Look at that. Ice, Anthony Simons, Silver, Sexton, and Paul Pierce, that's sweet. He's getting ready to slap them on. I can't even imagine. Insta Impact, Johnny Davis, and Ryan Ross. So this will be split, I mean, that'll be sort, this will be split right there. Yeah, dude, one of my best purchases was I bought like a 20 card Jordan Love lot for like a hundred bucks. And it had a Phoenix Rookie patch to five in it. And I sold the patch for like 80. And they're all numbered rookies from like illusions. And I sold all of them for like $20 a piece for some reason. I just sold my last one for like $15, dude. Zion. They're all going down, probably this weekend. They have them all in. Mark. That is A, KD, and Caleb Houston. Ice, Terry Rosear, Green, Frank Jackson, John Stockton. So, Dominus Bradley Beale, it's Shade On Sharp Rookie. Ice, Brooke Lopez, Silver Lamello, Brameningrum. This is my best to try to keep like an ice or a green or something on top for you too. David Robinson, Chat Rookie. You, like to keep like an insert or an ice or something on top. Paul Pierce, Green, Isaiah Roby. What's up? Rookie's or Vets? Instant Impact, Johnny Dave, it's Kennedy Chandler. It's just Vets base, that's what even everything else goes, Sorted, Ice, Chris Middleton, Green, Grayson Allen, and Peyton Watson. So, Silver Instant Impact, Jake LaRavia. Vane. Ice, Jada McDaniels. Silver Luca, a nice one there, and Vince Carter. Donovan Mitchell, and Johnny Davis. I used to put my knife to the left off the side, now you're over there. Who else is a big bot that works for me, I think. You also a big bot? Yeah, that guy's a bot. He's a bot, he's a bot. Nemhard Ice Rookie. Jay, Jay's a bot. Jay's a bot, Jay's a big time bot. Cortese, a little bit of a bot. Ryan Rollins. Cortese is definitely a bot. She might be the definition of a bot. Of a bot. Mergent Nicolio, which Jalen Williams rookie? Steve, who uses a bot. Green Shray, Brandon Clark. You say no. I know that, for sure. KD. Anthony is just a raging bot. Raging bot, yeah. My opinion, a bot. No, my bot is a bot. Well, he is a bot, because he wants to ban that champion. Yeah, sure. That would be bot status. It's pretty weak. Pascal Siakam, Musa Diapate. I wouldn't say so, Josh. It'll go a little bit later. Jalen Brunson, Silver Tyrese Maxi. Why don't you double check that? It's the Impact Christian Brown, Ben Wallace. There are a ton of orders when I see them. I mean, there's been a few since I've gotten in. Like been a few orders, but it's a lot of like Silver Packs. Silver Jovic, you can fly through those. Ice Cade, Silver Levert, O'Shaig Bhaji. Bryson Daniels, Campbell Brown. That just to be sure. Right now we've got in queue. One, two, three, four, five, six, seven, eight. Nine orders in queue right now. Nine orders in queue. Ice, Tony Parker, Silver Peyton Watson, Rookie, and Magic Johnson, sorry guys. That was a good section to put that close to you. Danny Green, Silver Ray Allen, Manu.  She'll have a shank. Oh God. Ice, Carl Malone, Green, Stottemeyer, and Zion. You can make it through this one. I'll have to stab you. Yeah, there you go. Like this is what I do to your face. Yeah. Wait, Jabari Smith. There's AJ Griffin, Emergent, and Wilk. I know, dude. Aaron Wiggins, Silver Isaac, Ty Ty.  There's two people in one of them that you've come never to win. Yeah, oh yeah. Most people won't. Curry, Herbert Jones, maybe Jaden, that's about it. Maybe Dylan. Dylan and Jaden, the only ones I could pull off. I'd like, trust. Yeah. And then Benedict Matherin. No, not me either. Once I could, I probably, my stat for that's probably one out of every 10 times. Russ, Ty Jones, and yeah, a lot of it's like. They're worse than I am.  Like not anything, not a lot of skill involved. Going to try to hit me, yeah. Ice, Gary Payton, Silver Cade, Stockton. I am going heavily, too. That's smart, honestly, dude. Close range, I'll open the hit. Shade on Sharp. Don't look down the barrel. Ravia, Dyson Daniels. Ice, Pat Bev, Green, Gordon Hayward. And Hakim. Green, Global Reach Damontis Sabonis. AJ Griff, Steel of the Draft, AJ Griff. I may no longer be the Steel of the Draft because of my trade in. Really? Come on. For Siakam. Mobley, Kyrie, Jerm Jackson. Apparently those freaking rappers want like a King's Ransom with Pascal Siakam now. Really? I think he's passed these days. I don't think he's, like, I think he's still good, but like, I think he's, like he's not going to be the best player on a championship team. He wasn't when they won. He wasn't the best player. Ravia, Ice Rookie, Silver Johnny, Davis Rookie, and a Keegan Mary. That's a good pack right there. There's Lord, Nemhard, Green. Ice, Lamello, Green, AAD, David Arati. Insta Impact, Bari Smith, Jay Val. Burke, Silver, Okoro, Packard Baldwin, as well. Merchant, Christian Brown. Jay and Ivy, Ice Rookie, Nice, Silver, Brandon Clark, and an Oshai, Agbaji. Oleg, Giannis, County Brown, Rookie. Green, Tim Hardaway, KG. Insta Impact, Yovitch, and Jalen Duren. How ya, Duren? How ya, Duren? How are you, Duren? Shuwa, Silver Tatum, Manu. Go. Light now. Jayden Hardy, Eggs Benedict, Cumberbatch, Matheran, whoa, whoa, whoa, whoa, whoa. Ice, Tyche, Jones, Green, Trevor Keels, Keels with the wheels right there. Oh, I got all the sticks in this little batch here. Johnny, Davis, Ice, Norman Powell, Green, Bones, Highland, Chris, Weber, King, L'Arabia, and Jalen Williams, J-Dubb.  You just got jingled, Silver Joe Engels. Send that card to three of your friends. Jingle them as well. Diabata. You're the one who wants to get a jersey, though. You're gettin' that in, like, spirit of me. There's big time spirit, because I have to say, you would've never gotten that jersey if I didn't do the whole jingle thing. That is pretty funny. I don't know if that was a jingle. No, it's a jingle. Kennedy Chandler. Okay, second one. You just got pup and dingled. Chris Paul, Wall, Green, Roy, Hachimara, Walker Kessler, Silver, Dominance, Harden, Ice, Donna Mitchell, Silver, Reggae, Palo, Rookie, there we go. First Palo at the break. March on Bo-Chomp. Ice, Mark Williams, Rookie, Green, Terry, Eason, and Bryce McGowan. It's the Impact, March on Bo-Chomp. Neek, Ice, Luca. What a dunk. Jerry Trenner, Silver, Pat Bev, Devante Graham, Jimmy Sohan, and you. Well, it's Silver, Jalen Williams, the other Jalen Williams. It's the Impact, Usman Zhang, Big Ben Wallace. Note to there. Silver, Emergent, Steal, Attract, AJ Griffin, Terry Eason, Scotty Barnes, Hallibur, and Roby. Bless you. Bless you. Chrome Dust. Yeah, man. It's real thing, dude. Trey Jones, Silver, Amari, John Stockton. Big time. We need to rip this carpet out of the new carpet. Malachi Branham, Shade on Sharp Rookie. Oh yeah, easy. Ice, Trey, Young, Green, Shengun. I know I'm really, I feel like my nose is killing me today because I've been away from it for so long that I've got conditioned. Sohan and Chet. Ice, Kyrie, Silver, Weissman, Usman Zhang, Global Reach Luca, and AI. Ice, Trevor Keels with the wheels, Chris Weber. I like that one. Good nickname for him, though. I bet they call him that. Keels with the wheels, again. Tyler Hero, probably. Green, Reggie Bullock. Face. Instant Impact, Silver, Malachi Branham. It's Randall, Silver, Harden, Dirt. Instant Impact, Oshai Bajie, and Jaden Ivey. All right, last two. John Stockton, Malone, Branham. Jeremy Sohanenberg, Stat, Marc Staudemire. Ice, Kyle Lowry, Green, Basely, and Keegan Murray. I'm gonna make a list of like, autos of guys I wanna start buying for myself, Hardaway, and Danny Green, like the Tony Gwynn, Kirby Puget. I wanna make a list of all like sports. Don't wanna get Staudemire at some point. Tres, Roddy, Dominance Yannis, and Jval. Ice, BI, Green, Tyrese Martin, Rookie, and Pete Meravich, Pistol Pete, Donovan Mitchell, Jake LaRavia, Onyoko O'Connor, Obi-Taphin, CJ, Nicola Jović, Trevor Keels with the wheels. Keels with the wheels. All right, Sauerford, Silver, AR-15, Austin Reeves, and Mellon. Last pack of the break, everybody. Global Reach, Siakam, and Tyrese Martin. Nothing to really wreak, I don't think we had an auto or a numbered card in this, so thank you all again for the fill. Coming up next is Fast Break. I think it's Prism Fast Break.


Hello, and welcome to the session. This is Professor Farhad. In this session, we're going to be looking at challenges caused by accounting diversity. In the prior two sessions, we looked at why diversity exists. What are some of the reasons? In this session, we're going to look at the challenges. This topic is covered in international accounting course and to a lesser degree covered on the CPA exam. As always, I would like to remind you, my viewers, to connect with me on a professional level via LinkedIn. If you don't have a LinkedIn account, I suggest you create one. If you do have one, please connect with me. You want to make sure you subscribe to my YouTube. YouTube is where I house all my lectures. I have over 1,500 accounting, tax, and auditing lectures. Please like my lectures, subscribe to the channel, share them with others, put them in the playlist, let the world know about them. If you are benefiting from my lectures, there's a good chance that other people might benefit as well. This is my Instagram account. I'm trying to grow my Instagram account. This is my Facebook account. I do have a premium product. If you're looking to study for your CPA exam and on my website, you can get in touch with me. We're going to look at this in this session at problem caused by accounting diversity. We're going to break them down into four problems. The first problem is preparation of consolidated financial statement, two access to foreign capital market, three comparability of financial statements, four lack of high quality accounting information. As always, if you listen to my lectures, every time I have a list, I'll go through that list and explain each point separately on a separate and on a separate PowerPoint slides. So let's start by the looking at the preparation of consolidated financial statements. What are the, what are the issues here? Think about if a company in the US, let's assume GM, General Motors, is a US company. It's listed on the US on the on the NYSE. Well, guess what's going to happen if they are operating in Mexico, they are operating in China, they're operating in Japan, what they have to do, they have to comply with local regulation, then they have their books and local currency, the books and local currency, they will need to be translated. That's, you know, then you have local accounting principle, then different from the listed country. So whatever they follow accounting principle, that might be different.  What does that mean for GM or for any US company? Well, there's a considerable effort that they have to make to undertake. There is additional cost, because you need to be familiar, you need to hire people that are familiar with both system, and you need the expertise in different countries accounting standard. So you need more qualified people which is going to create cost for you. But look at it, look at the silver lining from an accounting perspective.  So this is from the, the aspect of preparing consolidated because you need to combine those financial statement. Another problem is access to foreign market, foreign capital market. What does that mean? It means if a company would like to list their stock or they would like to raise money on a certain stock exchange, they have to comply with the requirement of that stock exchange. So require financial statements as per local accounting standard. For example, if you are a Japanese company, if you're a European company and you'd like to be listed on the New York Stock Exchange, you have to, you have to convert your financial statements into US GAAP. So what does that mean? Again, considerable effort and cost involved. A case in point, it's in your textbook, it's Daimler Kreisler, who was the first German company to be listed on the New York Stock Exchange, I believe in the early 80s, 92 or 93, early 90s, not 80s. What happened is this, it cost them $60 million in administrative cost, accounting legal compliance to comply with the SEC rules to convert their financial statement into GAAP, and it's going to cost them 15 to 20 million in subsequent year in disclosure costs to maintain their listing privilege on the New York Stock Exchange. So there's a lot of money being, being, being, being spent to be listed in a foreign capital market. And the reason is, is because your accounting standard, your accounting record are different than what the NYSE required. And look, they're spending money in a sense, it's non-value added because what Daimler, Daimler Benz do is, or Kreisler, is manufacturer car. So they're spending money on something other than manufacturing car. So it's considered non-value added activity. A third challenge for diversity is comparability of financial statements. What does that mean? It means when you're looking at two financial statements, for example, if you're looking at Verifone versus Verizon, you cannot compare them because they are prepared differently. There's a lack of comparability. This way, if you are an investor, that's going to adverse negatively affect you. If you're an investor, you might have to learn the system or hire someone to explain the difference between the two financial statements. If you're looking to invest in two different countries, that's going to create problems for lending institution. Because before you lend money, if you go to a foreign bank, they have to understand your financial statements, performance analysis, how you, how you measure profit might be different than how I measure profit. So if I'm looking at return on asset, return on investment to analyze, to, to analyze your performance or your debt to equity ratio, I'm going to have to find out exactly how you came up with your debt, how you came up with your equity. Okay. Also, it's going to create problems for foreign acquisition decision. If you're trying to buy a company, you're going to have to value the receivable, their sales, what is their foreign currency risk? All in all, you're going to have to do more due diligence. What does more due diligence translate into for the company? More cost. Again, more cost means less value added. Well, more cost means better for accounting. Again, looking at it from a job perspective. The fourth, the fourth challenge is the lack of high quality accounting information. Now, if you are dealing with a developed country like the US, you might have better quality, higher quality accounting information than less developed countries. Okay. Also, unless developed countries, you might have weak corporate governance. You might have a lack of high quality of accounting standard. You might have an adequate risk assessment or a lack of appropriate disclosure requirements. So those could be all issues in one way or another that are present in the accounting record of a foreign company. Okay. Why? Because they're using different accounting standard. And especially for disclosure, for example, they might have disclosure deficiency in terms of related party transaction of balance sheet financing. Maybe they don't have something called off-balance sheet financing. If something is off-balance sheet, you never know about it. Well, there's no hint in the financial statements. I'm not saying I know I said the US is a developed country, but again, the US is not perfect. No system is perfect. For example, we had this problem with off-balance sheet financing. For example, Enron. Enron had many off-balance sheet financing, which was hitting in planned site using accounting record. So I'm just saying that those issues could exist. High exposure to foreign exchange risk or they may not disclose that exposure. They may not disclose it properly under financial statements. They might invest in highly speculative assets, which they may not disclose as highly speculative. You may not know it's highly speculative. So you have to do more due diligence because there is not enough disclosure. Contingent liabilities guaranteeing foreign currency loans. You might have contingent liabilities that are not properly disclosed or you might have low slant provisions that are not properly disclosed. All of these are risks, risk of disclosure. The company is not disclosing enough because the accounting standard does not require you. Remember the secrecy that we talk about because the accounting system is value secrecy and they may think those are secret information that's benefiting the company itself, but it might harm the lenders and it might harm the investors if they don't really understand the risk that they are getting into. All in all, as you can see from all these challenges, we need a system that's going to help us understand all these financial statements. So that's why the IFRS or the international accounting standard board, they're trying to have one system or we have international convergence of financial reporting. And this is what we're going to be talking about in the next session, international convergence. How are we going to try to minimize the differences or try to harmonize all the differences into one system or try to create a single set of international accounting standard that can be followed by all companies across the globe? Not an easy factor as we talked about in the prior session about the reasons why we have accounting diversity. So it's not easy to overcome all these diversities and have one accounting system and especially cultural differences. If you have any questions about this topic, please email me. 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