Assume that an investor from Japan had approached you at Deloitte seeking investment advice on SIMS LIMITED and ILUKA RESOURCES LIMITED.

1. Discuss at least five IFRS/AASB standards (or equivalent standards) each of these companies have used, how they have used them and any ongoing costs relating to the requirements of these standards? [Hint: compare the same five standards for each company].
2. Are there any challenges faced by these companies in terms of implementing/using any of the IFRS/AASB standards (or equivalent standards) in (1) above? If so, was there any relief available due to the COVID-19 pandemic?