1- There is an ongoing debate on whether financial statements have lost their relevance. In a key article, Hail (2013) has studied the value relevance of both income statement and balance sheet for 30 years.

Required:

Discuss the theoretical model has been adopted by this paper and summarize Hails (2013) findings.

References:

Hail, L. (2013). Financial reporting and firm valuation: relevance lost or relevance regained? Accounting and Business Research, 43:4, 329-358

2-

Over the last few decades, more attention has been globally given to Islamic Accounting as a model which contrasts conventional accounting.

Required:

List the main features of Islamic Accounting and compare between it and Conventional Accounting.