Since 1 January 2005, Australian companies have adopted the international financial reporting standards (IFRS) as the basis for the preparation of their general purpose financial reports. The adoption of these standards meant that the role of the Australian Accounting Standard Board (AASB) in regulating financial reporting changed. Discuss the role of the AASB in the regulation of financial reporting prior to 1 January 2005 and after this date. (4 marks) Word limit 100.