Part A

1. Choose a country that has adopted IFRSs (i.e. global accounting standards) for at least 3 or more years, as revealed in the accounting literature, and discuss the following:

I. In what year did the country adopt IFRSs?

II. Were the IFRSs introduced all together (at once), or gradually into the local accounting standards of your chosen country? Explain the possible reason.

III. Discuss the benefits and challenges reported in the literature about the adoption of IFRSs in your chosen country.

Selected company Australia