ACC305Accounting Theory

1.    Global standardization requires the United States to adopt IFRS.  What do you think are some of the factors that might discourage it from fully adopting IFRS?

2.    What are the perceived benefits that would flow when a country adopts IFRS?

3.    Assuming you were a ‘free-market’ supporter, you oppose not only the standardization of international accounting standards in Australia, but also fundamentally the implementation of accounting regulations within Australia.  You are required to provide and explain the ‘free-market’ arguments in favour of reducing or eliminating accounting regulations in Australia.

4.    Assuming you are now a ‘pro-regulation’ supporter, you are required to provide your counter arguments in favour of regulation.  Your counter arguments should address and build upon issues relating to the ‘free-market’ arguments which you have discussed in part (3) above.

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