1. Describe the functions of the major organisations involved in the process of setting financial reporting standards in New Zealand. 2. In general terms, what are the tiers of reporting established by the XRBs Accounting Standards Framework, and how do they function? 3. What is an FMC reporting entity and what is an exempt company? Why are there different reporting requirements for these 2 designations? 4. What comprises a complete set of financial statements, as defined in NZ IAS 1?