1. Any efforts towards standardizing accounting practices on an international basis imply a belief that a one-size-fits-all approach is appropriate at the international level. That is, for example, it is assumed that it is just as relevant for a Chinese steel manufacturer to apply AASB 102 Inventories as it would be for an Australian surfboard manufacturer. Is this a naive perspective? Explain your answer.

2. What is an enhancing qualitative characteristic, and what role do enhancing qualitative characteristics have relative to the role of fundamental qualitative characteristics?

3. Historical cost is an approach to measuring assets. What are some strengths and weaknesses of using historical cost as the basis of measuring assets?