1 Explain the relevance of the Conceptual Framework of financial reporting How useful is it with examples Compare and contrast the implementation of IFRSs inAustralia and one other country of your choice These country must have adopted IFRSs for at least 5years For each of the two countries, discuss the following reasons for the national accounting body adopting IFRSs and when it was adopted transitional issues faced (within a year or two), with examples what challenges were faced by reporting entities upon adopting IFRSs Include specific examples of accounting standard(s) and discuss the issues that made them challenging difficult to adopt, to support your arguments what were the benefits of adopting IFRSs by reportingentities the similarities and differences in the adoption of IFRSs faced by Australia and the other country you have chosen Include what factors had caused the differences you found Based on your findings, do you think the adoption of IFRSs were successful in the two countries Explain youranswer Providetworecommendationstothenationalaccountingsettingbodies(incl AASB)onways toensuretheIFRSscontinuetoberelevanttousersneedsandtoallsectorsoftheeconomy

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1. Explain the relevance of the Conceptual Framework of financial reporting. How useful is it with examples Compare and contrast the implementation of IFRSs inAustralia

1. Explain the relevance of the Conceptual Framework of financial reporting. How useful is it with examples

Compare and contrast the implementation of IFRSs inAustralia and one other country of your choice.These country must have adopted IFRSs for at least 5years. For each of the two countries, discuss the following:
1. reasons for the national accounting body adopting IFRSs and when it was adopted;
2. transitional issues faced (within a year or two), with examples;
3. what challenges were faced by reporting entities upon adopting IFRSs. Include specific examples of accounting standard(s) and discuss the issues that made them challenging/difficult to adopt, to support your arguments;
4. what were the benefits of adopting IFRSs by reportingentities;
5. the similarities and differences in the adoption of IFRSs faced by Australia and the other country you have chosen. Include what factors had caused the differences you found.
Based on your findings, do you think the adoption of IFRSs were successful in the two countries? Explain youranswer.

Providetworecommendationstothenationalaccountingsettingbodies(incl.AASB)onways toensuretheIFRSscontinuetoberelevanttousersneedsandtoallsectorsoftheeconomy