Question: QUESTION 2 Many countries are adopting IFRSs although they are not under compulsion to do so. Some are however reluctant to adopt IFRSs. State and

QUESTION 2

  1. Many countries are adopting IFRSs although they are not under compulsion to do so. Some are however reluctant to adopt IFRSs. State and explain briefly five (5) factors or reasons that may influence a countrys decision to adopt IFRSs.
  2. IFRS are relevant to various stakeholders. State the relevance of IFRSs to each of the following stakeholders:
    1. Investors
    2. Multinational companies
    3. Governments

  1. The IASB Conceptual Framework for Financial Reporting has identified certain qualitative characteristics of information in financial statements. Identify and explain briefly the six

(6) qualitative characteristics of financial reporting.

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