Distinguish between a proprietary company and a public company. T.i'hat is the purpose of a certificate of registration? Outline the main features and purpose of a disclosure document. The ASIC Act details that one of the primary accounting standard functions of the Financial Reporting Council (FRC) is to ensure that accounting standards serve the best interests of both the private and public sector. Why is it important that the FRC ensure that the interests of the public sector are met? What are the factors that gave rise to development of International Standards? Identify the relationship between the Fiji Accounting Standards and the Intemational Accounting Standards _ Explain how a company comes into existence and identity five powers that a company Explain the difference between replaceable rules and a constitution.