A major objective of IFRS is to harmonize accounting rules and procedures around the world. Yet for the details and specifics of accounting for equity accounts (e.g., repurchase of the company’s own shares), there are no international rules; rather, countries like Canada are defining the accounting standards for equity accounting and reporting.

Required:
a. Why are there no specific IFRS standards relating to equity accounts?
b. Is it a problem that there are not uniform standards for equity accounting and reporting?