Short Answer Question 1 - Regulatory Framework (Answer length - approximately 100 words) From January 2005, Australia has adopted the accounting standards issued by the International Accounting Standard Board (IASB). As a result, all companies in Australia, that are classified as reporting entities are required to follow the one set of global standards. Required: In your opinion, identify any two (2) advantages and any two (2) disadvantages of Australian companies following a common set of global standards (4 Marks)