Provide a brief explanation of whether you agree or disagree with the following statements:

1. Australias adoption of International Financial Reporting Standards does not mean all accounting standards issued in Australia are the same as the IFRS standards.

2. Under the Corporations Act 2001, and Australian Accounting Standards, all entities must prepare general purpose financial reports and comply with all Australian Accounting Standards.

3. The Australian Accounting Standards Board is the only body (ie, organisation, board, regulator) who determines what financial information should be recorded and reported in financial statements.