a) Financial accounting regulation has three components: written rules, their implementation and enforcement. REQUIRED: i) Explain why financial accounting is usually regulated and not left to market forces. [6 marks] ii) Explain the terms 'written rules,' 'implementation' and 'enforcement' by means of an example. You will not receive marks if you reproduce examples discussed in the lecture (recordings) and/or workshop. [4 marks] iii) Explain which component(s) of financial accounting regulation is (are) addressed by IFRS harmonization. [2 marks] iv) Discuss two potential reasons for differences in financial accounting regulation that we observe in practice. [5 marks]