Q1) (a) Explain the impact of different ownership structure (such as family firm, foreign ownership), political philosophy, and economic growth of a company on the disclosure of accounting information. [15 marks]

(b) In October 2002, the FASB and the International Accounting Standard Board (IASB) announced the issuance of a memorandum of understanding (Norwalk Agreement), marking a significant step toward formalizing their commitment to the convergence of U.S. and international accounting standards. In your opinion, what would be the impact of IFRS adoption on U.S. companies? [10 marks]