Explain how regulators ensure that firms comply with the International Financial Reporting Standards (IFRS). Explain the role of written rules and their implementation and enforcement.

The IFRS have been adopted by around 140 countries worldwide. Identify and explain the potential benefits of this widespread IFRS adoption for

1. 1. users of financial statements (e.g., investors);
2. 2. preparers of financial statements (e.g., publicly listed firms);
3. 3. regulators of financial accounting; and
4. 4. auditors.

You should discuss at least two potential benefits for each group (i)-(iv).

IFRS adoption in one country can be very different from IFRS adoption in another country. Identify and explain four different strategies for IFRS adoption. Evaluate which of these strategies provides the greatest benefits from IFRS adoption discussed above