Cindy is an Australian company and growing very fast. The Board of Directors expressed an interest to acquire another business overseas. The Board of Directors is concerned about some obstacles to acquiring a business overseas. The Board raised the following question:

'What are some possible financial reporting impediments to acquiring a business internationally, and any possible plans/solutions to overcome those impediments?

After a meeting with your supervisor, you were requested to prepare a response/suggestion to the above question. You may make reference to relevant paragraphs of International Financial Reporting Standards, Conceptual Framework and to other sources of material.