please give more explanation according to the case study above and as the question requirements.

(b) Lobbying by banking industry and the Selangor state government has led to postponement by the Malaysian Accounting Standards Board (MASB) on the implementation of a new derivative accounting standard. The derivative standard must be endorsed by MASB before they become compulsory. The banking industry and insurance companies are worried that the new standard will impact adversely on their balance sheets because they would now have to account for any derivatives gains or losses. The present practice of most companies is to list the costs of acquisition of financial instruments, often derivatives do not appear in the company accounts. The Selangor state government has also lobbied the proposed derivative standard. They would have harmful consequences on financial stability of the whole country and the state has established a committee of industry specialists' tasked with examination of the standard in dispute, according to Menteri Besar of Selangor, Datuk Ali Ahmad when he posted his views in social media. The result leaving the new standard on hold. Advocates for the new accounting standards are believed to be essential for a complete understanding of the health of a company's finances, and that the new rules would have made it impossible for any companies follow the footsteps of Enron. Enron concealed its massive debt by using private partnerships, special purpose vehicles", to shift assets that were underperforming. The importance of fair value principle where all of a company's assets have a market value is fundamental for the MASB. Its long-term objective is the eventual compatibility of accounting standards by International Accounting Standards Board. Required: Read the case study above, then based on TWO (2) most relevant theories of regulation under pro- regulation perspective, explain the factors which might have motivated the Selangor state government and Datuk Ali Ahmad to lobby the new accounting standard. Your discussion should relate the theoretical aspect of each theory to the case study, so that you can demonstrate the motivation for the Selangor state government and Datuk Ali Ahmad to lobby the new accounting standard. (13 marks) [Total: 25 marks) (b) Lobbying by banking industry and the Selangor state government has led to postponement by the Malaysian Accounting Standards Board (MASB) on the implementation of a new derivative accounting standard. The derivative standard must be endorsed by MASB before they become compulsory. The banking industry and insurance companies are worried that the new standard will impact adversely on their balance sheets because they would now have to account for any derivatives gains or losses. The present practice of most companies is to list the costs of acquisition of financial instruments, often derivatives do not appear in the company accounts. The Selangor state government has also lobbied the proposed derivative standard. They would have harmful consequences on financial stability of the whole country and the state has established a committee of industry specialists' tasked with examination of the standard in dispute, according to Menteri Besar of Selangor, Datuk Ali Ahmad when he posted his views in social media. The result leaving the new standard on hold. Advocates for the new accounting standards are believed to be essential for a complete understanding of the health of a company's finances, and that the new rules would have made it impossible for any companies follow the footsteps of Enron. Enron concealed its massive debt by using private partnerships, special purpose vehicles", to shift assets that were underperforming. The importance of fair value principle where all of a company's assets have a market value is fundamental for the MASB. Its long-term objective is the eventual compatibility of accounting standards by International Accounting Standards Board. Required: Read the case study above, then based on TWO (2) most relevant theories of regulation under pro- regulation perspective, explain the factors which might have motivated the Selangor state government and Datuk Ali Ahmad to lobby the new accounting standard. Your discussion should relate the theoretical aspect of each theory to the case study, so that you can demonstrate the motivation for the Selangor state government and Datuk Ali Ahmad to lobby the new accounting standard. (13 marks) [Total: 25 marks)