C) In 2007, Ghana adopted the International Financial Reporting Standards (IFRS). This move has been applauded by many who suggest that Ghanas adoption of IFRS will offer many advantages to Ghanaian companies. Required: Discuss the advantages that Ghanas adoption of IFRS as National Accounting Standards offers to Ghanaian companies (5 marks)

d) To be useful, information presented in financial statements must be relevant to the decision- making needs of users and also faithfully represent the phenomena that it purports to represent. However, it is generally accepted that standard-setters and preparers are constrained in the extent to which these characteristics are achievable. Required: Explain TWO constraints on relevance and faithful representation