1. Describe the roles of ASIC, the AASB, the ASX and the FRC and the relationships between these regulatory bodies.

2. What are some of the possible cultural impediments to the international standardisation of accounting standards?

3. Distinguish between a large and a small proprietary company. What are the implications of being classified large rather than small?

4. Define the elements and recognition criteria of financial statements as per the conceptual framework?

5. What do 'probable' and 'measured reliability' mean with respect to the recognition of elements of financial accounting?