(Answer length - approximately 100-150 words) Since January 2005, Australia has aligned its accounting practices with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). This significant shift has inevitably transformed the operations and mandate of the Australian Accounting Standards Board (AASB). Required: Please identify and discuss two reasons to justify the importance of AASB after the adoption of the accounting standards issued by the IASB