Case study: The globalization of the worlds economy and markets led companies and nations to become world global players. In addition, more investments take place on a global level. Before the adoption of International Financial Reporting Standards (IFRS), different countries developed their own national accounting standards or adopted that of other countries. However, movement of business toward a global economy brought challenges in comparability, objectivity, reliability, understandability among others. These issues have accelerated the need to move toward global accounting standards. Thus these challenges spelt the need for a single set of high quality and globally accepted accounting standards. Required

: 1. Chooses a country, and discuss the Accounting standards adopted by this country.

2. How does accounting standards impact the development of Accounting practices.

3. List the financial statements required by the Accounting standards adopted by this country.

4. Compare the adopted Accounting standards in the country of your choice with International Accounting Standards.

for a contract he is making an offer to the person who has advertised a contract as being available. Activity 2 (10 minutes) Bianca goes into a shop and sees a price label on a CD for 15. She takes the CD to the checkout, but the till operator tells her that the label is misprinted and should read 20. Bianca maintains that she only has to pay 15. How would you describe the price on the price label in terms of contract law? W 8) 8)