Question: Short Answer Question 1 - Regulatory Framework From January 2005, Australia has adopted the accounting standards issued by the International Accounting Standard Board (IASB). One

Short Answer Question 1 - Regulatory Framework

From January 2005, Australia has adopted the accounting standards issued by the International Accounting Standard Board (IASB). One of the key supporters of this adoption is the Australian Securities Exchange (ASX).

Required:

Why do think that the ASX was keen for Australian companies to adopt the international accounting standards? Provide two justifications to support your answer.

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