1) What are the pros and cons of using a single set of accounting standards globally? (Suggested no. of words: 400-600) (15 marks) 2) Discuss what high quality accounting standards mean and what impact such accounting standards would bring about. (Suggested no. of words: 300 - 400) (10 marks) 3) Explain how International Accounting Standards Board (IASB) develops a new accounting standard (IFRS) and what contributions Australian Accounting Standards Board (AASB) makes to the process of developing IFRS. (Suggested no. of words: 400 - 600) (15 marks) 4) Explain about the effects of the adoption of IFRS (AASB) on financial reporting practices in Australia. (Suggested words: 300 - 400) (10 marks)