Question: a) Explain why a regulatory framework is needed also including the advantages and disadvantages of IFRS over a national regulatory framework. b) Explain why accounting

a) Explain why a regulatory framework is needed also including the advantages and disadvantages of IFRS over a national regulatory framework.

b) Explain why accounting standards on their own are not a complete regulatory framework.

c) Distinguish between a principles based and a rules based framework and discuss whether they can be complementary

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