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Case one: Intergovernmental working group of experts on internationalstandards of accounting and reporting1. What are International Financial Reporting Standards (IFRS)? 2. Many concerns are expressed in this article. List three factorsthat you thinkare causing concern about the impact of adoption of IFRS. 3. Consider each of the three factors you mentioned in response toquestion 2.(a) Is there empirical evidence to support the factor? (b) Is the analysis leading from the factor to the concerns aboutadoptionof IFRS scientific or naturalistic in its approach? Explain youranswer.Case two: 1. On 1 January 2005 Australia adopted IASB standards.(a) Do you agree with this change? Why or why not? (b) Who stands to gain from Australia’s adoption of IASBstandards?Explain. (c) Who stands to lose from Australia’s adoption of IASBstandards?Explain. From 1 January 2005 the AASB will issue Australian equivalents toIFRS.This process involves the AASB issuing IASB exposure drafts asexposuredrafts in Australia. Constituents can provide comments on standardsto theAASB and IASB. Final standards issued by the IASB aresubsequentlyissued in Australia with any additional paragraphs necessary tomake thestandards suitable for public sector and not-for-profitentities.Requirement:Students are required to answer questions in an essay format(introduction, body,conclusion