An exposure draft or proposal for a new accounting standard which has been opened for public comments. These can be found on the websites of most standard-setting organisations, such as the IASB, AASB and FASB. (Hint: These websites can be quite difficult to navigate, so as a first step try typing "IASB exposure draft and comment letters"/"FASB exposure draft and comment letters" into Google or other search engine of your choice). Read a sample of the comments from a range of responden s. Select four respondents, for example, from accounting bodies, industry, companies or corporate bodies.

a) Outline the major issues covered in the exposure draft (what is the exposure draft introducing or changing?)

a) Outline the major issues covered in the exposure draft (what is the exposure draft introducing or changing?)

c) Can the behaviour of the regulator be explained by 'public interest theory'? Justify your position.

d) Apply each of the theories of regulation (public interest, private interest and capture) to the comments letters. Justify which theory(ies) you think best explains the comments.