In developing countries where poor quality of financial reporting may impede their ability to attract foreign investors, especially in their fledgling stock markets. For instance, the following practice problems of accounting in developing countries: shortage of qualified accountants at all levels; accounting information is not available or is not available in the proper form, or is received too late; accounting data are not adequately utilized for internal management purposes; lack of legislation relating to accounting and auditing standards and procedures; and a strong national association of accountants is lacking.”

a. From the excerpt above, select any THREE problems associated with financial reporting quality. Using relevant examples, discuss the extent to which each problem exists in your own country.

b. Discuss THREE practical reasons why you support or oppose the adoption of IFRS in your country. Your answer should consider the extent to which locally developed standards would address the problems associated with financial reporting quality.