Question 2 Ding and Su (2008) state that (p.477): The internationalization of Chinese GAAP was motivated by China's economic development towards a market-based system, growing ties with multinational firms, and problems that were difficult to deal with under the old accounting regulatory framework. However, this process, like other reforms in China, has had its share of obstacles and objections. Because of the excessive earnings manipulation found in many companies and the large number of accountants who had not received sufficient training in modern accounting and auditing, the Chinese regulators were unsure whether internationally acceptable accounting standards should also be accepted in China". Yuan Ding and Xijia Su, (2008), Implementation of IFRS in a Regulated Market, Journal of Accounting and Public Policy 27 (2008) 474-479. Required: A critical discussion of institutional, external factors, and culture which have led to, or are likely to lead to problems in implementing International Financial Reporting Standards (IFRS) in China. (Total 30 marks)