Question 1 [25 Marks] Open with a. Makgadikgadi is a small developing country which currently has no accounting standards and in which a new professional accounting body was recently created. Makgadikgadi's government has asked the new professional accounting body to prepare a report setting out the country's options for developing and implementing a set of high quality financial reporting standards. Required: As an advisor to the professional accounting body, outline THREE options open to Makgadikgadi for the development of financial reporting standards. Identify any advantages or disadvantages for each option. [9 Marks] b. The existing procedures for setting international accounting standards are now well established. Required: Explain the roles of the following in relation to the regulatory environment to develop and publish IFRS Standards: The IFRS Foundation; The International Accounting Standards Board (IASB); The IFRS Interpretations Committee. [6 Marks] C. Explain how the standard-setting authority approaches the task of producing a new financial reporting standard, with particular reference to the ways in which comment or feedback from interested parties is obtained. (10 Marks] Question 1 [25 Marks] Open with a. Makgadikgadi is a small developing country which currently has no accounting standards and in which a new professional accounting body was recently created. Makgadikgadi's government has asked the new professional accounting body to prepare a report setting out the country's options for developing and implementing a set of high quality financial reporting standards. Required: As an advisor to the professional accounting body, outline THREE options open to Makgadikgadi for the development of financial reporting standards. Identify any advantages or disadvantages for each option. [9 Marks] b. The existing procedures for setting international accounting standards are now well established. Required: Explain the roles of the following in relation to the regulatory environment to develop and publish IFRS Standards: The IFRS Foundation; The International Accounting Standards Board (IASB); The IFRS Interpretations Committee. [6 Marks] C. Explain how the standard-setting authority approaches the task of producing a new financial reporting standard, with particular reference to the ways in which comment or feedback from interested parties is obtained. (10 Marks]