2.Compare and contrast the implementation of IFRSs in Australia and one other country of your choice. The second country must have adopted IFRSs for at least 5 years. For each of the two countries, discuss thefollowing:

i.reasons for the national accounting body adopting IFRSs and when itwas

adopted;

ii.transitional issues faced (within a year or two), withexamples.

iii.whatchallengeswerefacedbyreportingentitiesuponadoptingIFRSs.(Do not discuss transitional issues here). Include specific examplesof

accounting standard(s) and discuss the issues that made them challenging/difficult to adopt, to support your arguments;

iv.what were the benefits of adopting IFRSs by reportingentities;

v.thesimilaritiesanddifferencesintheadoptionofIFRSsfacedbyAustralia

and the other country you have chosen. Include what factors had caused the differences you found.

3. Based on your findings, do you think the adoption of IFRSs were successful in

the two countries? Explain your answer.

4. For each of the two countries, provide two recommendations to the national

accounting setting bodies on ways to ensure the IFRSs continue to be relevant to users' needs and to all sectors of the economy.