1. (a) Internationally, there are some variations which exist in business law, criminal law and so on. Such global variations in laws is likely to be a result of difference in history, cultures, religions and so forth. While we are apparently prepared to accept international differences in various laws, groups such as the IASB expect there to be global uniformity in regulations relating to accounting disclosure- that is, harmonization in accounting standards. Do you agree? Justify your answer.

2. (b) A company has ceased to be a going concern (e.g. creditors have appointed a receiver who is seeking buyers for the companys assets). In your opinion, what measurement principles might be most appropriate for the companys assets?