1. Choose a country that has adopted IFRSs (i.e. global accounting standards) for at least 3 or more years,

as revealed in the accounting literature, and discuss the following:

I. In what year did the country adopt IFRSs?

II. Were the IFRSs introduced all together (at once), or gradually into the local accounting standards of

your chosen country? Explain the possible reason.

III. Discuss the benefits and challenges reported in the literature about the adoption of IFRSs in your

chosen country.

2. Choose a publicly listed company from your chosen country above that you can access their annual report,

including financial statements and notes to the accounts. (e.g. Choose a company that is listed in the Australian

Securities Exchange (ASX) if you chose Australia; or Hong Kong Exchange if you chose Hong Kong etc.). Find

and download the financial statements for two (2) years as follows:

1

st financial statement - Choose the year immediately before IFRSs adoption and

2

nd financial statement - Choose either 2019 or 2018 only.