Question 3: General Purpose Financial Reporting for broad users [GPFR] (OR) While the global capital markets have experienced continuous expansion ever since 1980, transnational capital remains one of the most important driving forces of economic globalization. Additionally, while the mature financial markets may be heading for slower growth, emerging markets are likely to account for an increasing share of global asset growth. The Central American Bank for Economic Integration continues to persuade the UK government to join it as a shareholder, thus holding out the prospect that UK companies building infrastructure in central America might be able to gain preferential funding on attractive terms now enjoyed by Korean firms [Hay, 2020: global news, Feb]. This shows the enhancement opportunities for higher value addition and motivation for companies to go international. Other than the impact of international events and trends in other countries, there are several driving forces for international business and the demand for high-quality financial reporting. Required: Discuss; (a) the pull & push factors driving the trend toward the companies to go international and allow globalization of financial markets and economies (b) evaluate the role of general-purpose financial statements in global financial markets. [10 marks]