a) Outline two (2) arguments in favour of eliminating the regulation pertaining to financial accounting. (5 marks)

b) Do you think it is realistic to expect that accountants are always objective when it comes to the practice of preparing financial statements? Explain your answer. (5 marks)

c) If an accounting standard-setter deems that a particular accounting standard is likely to adversely affect some preparers of financial statements, what do you think it should do or what steps could it take to prevent this occurring? Justify your view. (5 marks)