In considering the relevance of IFRS to developing countries, Chand and White (2007, p. 606) state: "While the forces of globalisation and convergence are moving accounting practices towards a unified, or at least harmonised regulatory framework for financial reporting, this is unlikely to best serve the diverse interests of disparate user groups of financial reports." In your essay, explain the following; a) Explain why is IFRS mainly of relevance to developed countries (as 10 marks opposed to developing countries)? [make references to Chand & White to support your answers] b) Chand and White (2007) consider the ownership and financing systems 10 marks that are common in Fiji and argue that the recent adoption of IFRS in Fiji has created a level of inefficiency not previously experienced. Explain the basis of this argument