Major requirements:

1. Undertake a review of literature to develop and present your arguments, with examples, explaining how corporate crises/failures in every era lead to improved accounting regulations/standards for financial reporting in the subsequent periods.
2. Critically evaluate, with appropriate examples, how accounting standard setting in the past came through a complex political process in global context.
3. Carefully read the annual report of the selected ASX company and then identify the accounting standards complied with while preparing financial statements. Introduce each of these accounting standards.
4. Based on a review of literature, critically evaluate the accounting standard for fair value accounting.