$1.$ Most developing economies allow or require the use of International Financial Reporting Standards $($IFRS$)$ for small and medium$-$sized enterprises $($SMEs$),$ but some countries have banned it$.$ Thailand falls into the latter category, requiring its listed companies to use the Thai Financial Reporting Standards $($TFRS$),$ which are based on the full set of International Financial Reporting Standards $($IFRS$).(20$ marks$)$Discuss possible reasons for Thailands ban on the use of IFRS for SMEs?$2.$ Today, many countries still do not allow listed domestic companies to use IFRS.Required: Identify three countries from this group that are likely to have different reasons for not allowing listed domestic companies to use IFRS. Describe those reasons. $(20$ marks$)3.$ Toyota Motor is a Japanese automobile company headquartered in Toyota City, Japan. Toyota has switched from reporting under U$.$S$.$ generally accepted accounting principles. GAAP to report under International Financial Reporting Standards $($IFRS$)$ in the fiscal year $2020-2021$In contrast, Mazda Motor Corporation is also a Japanese automobile company located in Hiroshima, Japan. Mazda continues to use Japanese accounting standards $($GAAP$)$ despite the trend in Japan towards adopting International Financial Reporting Standards $($IFRS$).(30$ marks$)$Required:What are the possible reasons for Toyotas decision to switch to International Financial Reporting Standards $($IFRS$)?$ And what are the possible reasons for Mazdas hesitation and not switching to International Financial Reporting Standards $($IFRS$)?$Question $2$: $(20$ marks$)$Part A:Five factors are often mentioned as affecting a countrys accounting practices: $($a$)$ legal, system, $($b$)$ taxation, $($c$)$ providers of financing, $($d$)$ inflation, and $($e$)$ political and economic ties.Consider your home country. Identify which of these factors has had the strongest influence on the development of accounting in your country. Provide specific examples to support your position.Question $3$: $(10$ marks$)$A$.$ Explain the reasons for Accounting Diversity?B$.$ What is sustainability reporting?