AC2091 Financial Reporting Assignment 2 Student Name Registration Number Class Details Day: Time: Number: Instructions - Students are to attempt the following question and submit their answers via eGlobal. Submissions can be made in various formats, including PDF {scanned copy of handwritten answers), Word or Google Docs. . It is highly recommended that students attempt the question within a selfimposed time limit. Since the examination will consist of 5 questions in 3 hours, students are encouraged to complete the question in 40 to 50 minutes. . Students are encouraged to do sufficient research in order to derive an answer of substantial depth and quality. If necessary, students are allowed to refer to study guide, lecture materials and other reference materials when attempting the question. However, please take care not to replicate information found within these reference materials in your answers so as to avoid any plagiarism issues. - Students to write their names, student numbers and class codes on this page and attach it to their answers for submission. Question Answer one question from the following: 1. Critically discuss both traditional and economic arguments for and against the regulation of accounting. Your answer to this question should not exceed 800 words. 2. Discuss the concepts of substance over form and off balance sheet nance in relation to leases. Discuss the impact of accounting for leases on the financial statements and the intended effect of introducing IFRS 16 to replace IAS 1?. Your answer to this question should not exceed 800 words. (20 marks)