topic:

Accounting standard setting has always been a complex political process. The members of accounting standard setting boards are selected based on their relevant education, expertise and experience. Accounting standard setting in many countries is now regulated by the government intervention. International Accounting Standards IAS (now known as International Financial Reporting Standards-IFRS) are adopted in wider jurisdictions (in many countries). Some countries did not make full adoption of IFRS but converged their domestic standards with IFRS. Also there are other factors for which the application of IFRS may not be in the same fashion in the jurisdictions of the International Accounting Standards Board (IASB).

Major requirements:

i. Undertake a review of literature and discuss in detail, with adequate examples, why accounting standard setting has always been a complex political process.

ii. Read the profiles of the members of the IASB and AASB (Australian Accounting Standards Board) to explain the eligible criteria for selecting/appointing the members of these standard setting bodies.