In what sense are accounting standards 'standards' in the general meaning of the word?  2. How do principles-based standards differ from rules-based standards? 3. What are the functions of accounting standards ? 4. What do you think the standard-setting process should achieve? 5. Justify Australia's approach of imposing its set of accounting standards on all reporting entities, irrespective of whether they are profit seeking. 6. Define regulation.c 7. In what ways does accounting standard setting conform to your definition of regulation? 8. If the standard-setting process should achieve better information, what criteria would identify better information? TeaMob biseritit wor 9. Is the setting of accounting standards desirable for society? If so, who should set standards?  10. How does good financial reporting add value to organisations? 11. Are interested parties