1. As a potential investor in one of the developing countries, list some requirements in financial reporting you would want before investing in their stock market.

2. Imagine you are a developing country working to build up your accounting system.

a. Explain your standard setting processwhat regulatory bodies should be involved and what should their role be?

b. What would you do before you started creating standards (consider IFRS, create principle framework, etc...)?

c. What are some of the challenges you might face (speed of issuance vs. quality of standards issued)?

3.Compare the strengths and weaknesses of accounting in the Eastern European countries to those from Latin America.