Find an exposure draft or proposal for a new accounting standard which has been opened for public comments. These can be found on the websites of most standard-setting organisations, such as the IASB, AASB and FASB.(1000 words)

a) Outline the major issues covered in the exposure draft (what is the exposure draft introducing or changing?)

b) Is there agreement among the various groups? Describe the issues where there is agreement/disagreement and provide examples.

c) Can the behaviour of the regulator be explained by 'public interest theory'? Justify your position.

d) Apply each of the theories of regulation (public interest, private interest and capture) to the comments letters. Justify which theory(ies) you think best explains the comments.