Find a current exposure draft or proposal for a new accounting standard which has been opened for public comment. These can be found on the websites of most standard-setting organisations, such as the IASB, AASB, and FASB. (Hint: These websites can be quite difficult to navigate, so as a first step try typing IASB exposure draft and comment letters/FASB exposure draft and comment letters into Google or other search engines of your choice). Read and select four (4) comment letters from a range of respondents, for example, from accounting bodies, industry, companies or corporate bodies. Try to avoid using only comment letters from one broad category of respondent as this may limit the range of views you can draw on when answering the sections below. . Include copies of the four comment letters you wish to discuss and complete the following tasks:

a) Outline the major issues covered in the exposure draft (what is the exposure draft introducing or changing?)

b) Is there agreement among the various respondents? Describe the issues where there is agreement/disagreement and provide examples.

c) Can any of the comment letters be interpreted as being for or against regulation? Justify your position.

d) Interpret the actions of the authors of the comments letters using each of the theories of regulation (public interest, private interest, and capture). Identify the theory you think best explains the motivations for the comment letters and justify your response.

Please note: you need to attach the comment letters you selected for your report (no need to attach exposure draft).