1- Explain the difference between the International Accounting Standards (IAS) and the International Financial Reporting Standards (IFRS), explaining when and why the transition was made to the new sequence of IFRS standards, and what are the effective standards so far from the old sequence of IAS standards.

2- Define and explain each of the five elements of the financial statements and mention the circumstances in which each element is recognized in the financial statements. Also explain why each of the following meets the definition of an asset or the definition of a liability: (a) trade receivables (b) trade payables (c) inventory