Question 4 INTERNATIONAL ACCOUNTING & CULTURE (20 Marks) The International Accounting Standards Board (IASB) has developed international financial reporting standards (IFRS) for small and medium entities (SMEs). i. Discuss three reasons why IFRS may not be useful for SMEs in Pacific Island countries. (10 marks) ii. Pacific Island cultures are generally characterised by larger power distance and low levels of individualism. Given this background, discuss whether accountants as individuals are likely to support or resist IFRS. (10 marks)