Part A Accounting Standard Setting, Regulation and DisclosureACCOUNTING STANDARD SETTING (i) Do your own research and criticallyexplain how the Australian Accounting Standards Board take part inthe global accounting standard setting process (i.e. in settingIFRS). Why is the IFRS set by the International AccountingStandards Board (IASB) not compulsory for the member countries ofIASB? REPORTING ENTITY (ii) Do your own research and criticallyexamine the concepts of small proprietary company, largeproprietary company and reporting entity. What are the implicationsof being classified as either one of these three types of companiesin terms of compliance and reporting requirements?
