Question: Short Answer Question 1 - Regulatory Framework (Answer length - approximately 100 words) From January 2005, Australia has adopted the accounting standards issued by the

Short Answer Question 1 - Regulatory Framework (Answer length - approximately 100 words) From January 2005, Australia has adopted the accounting standards issued by the International Accounting Standard Board (IASB). As a result, all companies in Australia, that are classified as reporting entities are required to follow the one set of global standards. Required: In your opinion, identify any two (2) advantages and any two (2) disadvantages of Australian companies following a common set of global standards (4 Marks)

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sharing of non-material benefits such as time and affection;

the Managers Challenge Programme, which is designed to stretch and challenge the companys most promising managers, and to address the more contextual and business issues;

willingness of a person to accept the opinions and views of others through normative social influence which lead to conformity, and maintaining harmony;