LO3- Guideline P5+P6 1- Explain the benefits of international Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) and distingish between them. -IAS: Definition and benefits IFRS: Definition and benefits -distingish between IAS & IFRS (Table). at least 4 point 2- How IFRS facilitate understanding of financial matters across the world. 3. Explain the role and responsibility of IFRS, and explain the importance of IFRS for governments, organizations and investors. - Role of IFRS -responsibility of IFRS -Importance of IFRS : A. Governments B. Organizations c. Investors 4- Evaluate the Different model of financial reporting and auditing. 5. Define system orianted theories (Equity Theory and Legitimacy Theory) 6- Critically evaluate financial reporting and auditing through coherent application of theories and models to support judgments and conclusions