1-What is happening towards markets, and what are the implications for financial reporting? 2-differentiate, broadly between financial accounting and managerial accounting. 3-what is the major financial statement, and what is the difference between financial statements and financial reporting? 4-how does accounting help in the capital allocation process? 5-what is the benefit of a single set of high-quality accounting standards? 6-which is the objective of financial reporting? 8- who is the primary user group for general purpose financial statement? 16-distinguish between IASB standards and the conceptual framework for financial reporting 20-what are the sources of pressure that change and influence the development of IFRS? 25-how are financial accountants challenged in their work to make ethical decisions? Is technical mastery of IFRS not sufficient to the practice of financial accounting