The International Accounting Standards Board (IASB) wishes to introduce the International Financial Reporting Standards (IFRS) to all countries in the region which have not already adopted the standards. They have approached the regional accounting body, the Institute of Chartered Accountants of the Caribbean (ICAC) to present comments on behalf of these countries. Required Discuss the appropriateness of the adoption of international accounting standards in the region for these countries which are not members of ICAC and which have not already adopted IFRS. You must make reference to the standards overload and information overload issues; and discuss the merits and demerits of adopting international accounting standards for these countries. Why do you believe that the IASB would think it best to approach the regional body. ICAC to facilitate this process? (25 Marks)