The question is about application of Australian regulatory framework. please write more than 600 words.

Context: This assignment forms Part 1 of the major assignment. Students are provided with a business case in which an entrepreneur, Xiaojing Wu, from China immigrated to Australia and considered setting up a small business in South Australia. Xiaojing started her business as a partnership but decided to dissolve the partnership. Subsequently, Xiaojing considered forming a company and discussing with the accountant and remaining partner on accounting regulation and reporting requirements relevant to companies Business Case Refer to the transcript for Module 1 Accounting Regulation and Revenue Instructions Students are expected to review the content of Module 1, Part 2 on Accounting Regulation and Revenue Recognition, then respond to the assignment questions