Question 1: Discuss how International Financial Reporting Standards (IFRS) are developed? and the role played by AASB in that process?

Question 1:

Discuss how International Financial Reporting Standards (IFRS) are developed? and the role played by AASB in that process?

Question 2:

It is argued by some researchers that even in the absence of regulation, organisations will have an incentive to provide credible information about their operations and performance to certain parties outside the organisation; otherwise, the costs of the organisation’s operations will rise. What is the basis of this belief? Please provide at least three reasons and/or theories to explain.

Question 3:

Provide at least three arguments for, and three arguments against, the international standardisation of financial reporting.

Question 4:

What are the fundamental qualitative characteristics and enhancing qualitative characteristic that financial accounting information should possess? what role do enhancing qualitative characteristics have relative to the role of fundamental qualitative characteristics?

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