Question 1: (10 marks)

Compare and contrast the development and evaluation of positive accounting theories with normative accounting theories.

Question 2: (10 marks)

Identify and explain the perceived benefits that flow from the decision that a country will adopt the International Financial Reporting Standards (IFRS).

Question 3: (10 marks)

Is it appropriate for accounting standard-setting bodies to consider culture and religion when devising accounting standards and regulations, particularly given the output of financial reporting is expected to be objective and unbiased? Explain your view.

Question 4: (10 marks)