350 words

1. Despite the pronouncements from GAAP, IAS and IFRS, there still exists no uniformity to have one set of accounting standars worldwide. Discuss at least five major factors why we cant have one accounting for one universe.

2. Corporate governance tenets is fairness, accountability and transparency. Enumerate at least five significant effects of Corporate Governance on preparation of FS, external audit and Financial Reporting to regulatory bodies such as BIR and SEC.

3. Sustainability Accounting also known as Corporate Social Responsibility Reporting started some 20 years ago. Today it has evolved to Triple Ps - People, Planet and Profit.

a. Discuss each of the Ps and be able to relate it to shareholders stake.

b. In not more than five sentences, relate the impact of sustainability accounting to financial reporting as applied during this pandemic.

4. Read SEC Memorandum Circular No 35 Series of 2020 on Financial Reporting Relief in Light of Covid-19 Pandemic. (Search from internet) Prepare a ten point summary of the said SEC Memo No 35 as presented and briefly discourse on your reflection on it in each of the item summarized.