1. Although in the past IASB has never recommended a specific costing approach in financial reporting, recently it is more in favour of fair value accounting. Explain the possible reasons behind this move. (5 Marks) 2. What is a theory? Why are accounting theories important to accounting 5 students? Explain. (5 Marks) 3. Discuss the different perspectives of Stakeholder Theory that attempt to explain when corporate management will be likely to attend to the expectations of particular (typically powerful) stakeholders. (5 Marks) 4. Explain the three isomorphic process set out by DiMaggio and Powell (1983) (5 Marks) 5. How do critical theorists view Positive Accounting Theory